Accelerate Diagnostics Announces Closing of $79.3 Million Upsized Offering
May 15 2017 - 5:14PM
Accelerate Diagnostics, Inc. (Nasdaq:AXDX) announced the closing of
its previously announced underwritten public offering of 2,750,000
shares of its common stock today, upsized from the original share
offering of 2,500,000 shares of common stock, at a previously
disclosed public offering price of $28.85 per share. The gross
proceeds to Accelerate Diagnostics from the offering are
approximately $79.3 million before deducting underwriting
commissions and discounts, and estimated offering expenses payable
by the company. 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 relating to the offering 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 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. Information about the risks and
uncertainties faced by Accelerate Diagnostics is contained in the
section captioned “Risk factors” in the final 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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