Accelerate Diagnostics Announces Pricing of Upsized Public Offering of Common Stock
May 09 2017 - 10:00PM
Accelerate Diagnostics, Inc. (Nasdaq:AXDX) today announced the
pricing of an underwritten public offering of 2,750,000 shares of
its common stock, upsized from the original share offering of
2,500,000 shares of common stock, at a price to the public of
$28.85 per share. All of the shares are being sold by Accelerate
Diagnostics. The gross proceeds to Accelerate Diagnostics from the
offering, before deducting the underwriting discounts and
commissions and estimated offering expenses, are expected to be
approximately $79.3 million. The offering is expected to close on
or about May 15, 2017, subject to customary closing conditions. In
addition, Accelerate Diagnostics has granted the underwriters of
the offering a 30-day option to purchase up to an additional
412,500 shares of its common stock at the public offering price,
less the underwriting discounts and commissions.
Accelerate Diagnostics anticipates using the net proceeds from
the offering for general corporate purposes and to fund
commercialization efforts.
J.P. Morgan Securities LLC is acting as lead book-running
manager for the offering. William Blair & Company, L.L.C. and
Piper Jaffray & Co. are also acting as joint book-running
managers. BTIG, LLC is acting as lead manager for the offering.
An automatic shelf registration statement relating to the shares
was filed with the Securities and Exchange Commission and became
effective on April 13, 2017. The offering is being made solely by
means of a prospectus. A copy of the final prospectus supplement
and accompanying prospectus related to the offering, when
available, may be obtained from J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email
at prospectus-eq_fi@jpmchase.com; from William Blair & Company,
L.L.C., Attention: Prospectus Department, 222 West Adams Street,
Chicago, IL 60606, or by telephone at (800) 621-0687, or by email
at prospectus@williamblair.com; or from Piper Jaffray & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, or by telephone at (800) 747-3924, or by
email at prospectus@pjc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. (Nasdaq:AXDX), is an in vitro
diagnostics company dedicated to providing solutions for the global
challenge of antibiotic resistance and healthcare-associated
infections. The company’s Accelerate Pheno™ system and Accelerate
PhenoTest™ BC kit were recently cleared by the FDA for
antimicrobial susceptibility testing direct from positive blood
culture samples. The solution leverages proprietary molecular
identification methods and morphokinetic cellular analysis (MCA) to
provide minimum inhibitory concentrations for a range of applicable
antibiotics. The fully-automated system is designed to
eliminate the lengthy culture and sample preparation steps required
prior to antimicrobial susceptibility testing.
The “ACCELERATE DIAGNOSTICS” and “ACCELERATE PHENO” and
“ACCELERATE PHENOTEST” logos and marks are trademarks or registered
trademarks of Accelerate Diagnostics, Inc.
Forward-Looking Statements
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to Accelerate
Diagnostics’ expectations regarding the anticipated closing date
and its anticipated use of net proceeds from the offering. Actual
results or developments may differ materially from those projected
or implied in these forward-looking statements. Factors that may
cause such a difference include risks and uncertainties related to
completion of the public offering on the anticipated terms or at
all, market conditions and the satisfaction of customary closing
conditions related to the public offering. More information about
the risks and uncertainties faced by Accelerate Diagnostics is
contained in the section captioned “Risk factors” in the
preliminary prospectus supplement related to the public offering
filed with the Securities and Exchange Commission. Accelerate
Diagnostics disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investors May Contact:
Laura Pierson, Accelerate Diagnostics, +1 520 365-3100, investors@axdx.com
Reporters May Contact:
Andrew Chasteen, Accelerate Diagnostics, +1 520 365-3100, achasteen@axdx.com
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