BG Medicine, Inc. Prices $10.0 Million Public Offering of Common Stock
April 03 2014 - 9:15AM
BG Medicine, Inc. (Nasdaq:BGMD), the developer of
the BGM Galectin-3® Test, today announced the pricing of the sale
of 6,452,000 shares of its common stock in an underwritten public
offering at a price to the public of $1.55 per share. The net
offering proceeds to BG Medicine from the sale of the shares are
expected to be approximately $8.9 million, after deducting
underwriting discounts and commissions and other estimated offering
expenses, but excluding any exercise of the underwriter's
over-allotment option.
BG Medicine anticipates using the net proceeds from this
offering for its operations, including, advancing the
commercialization of its cardiovascular diagnostic tests in the
United States and Europe and developing new clinical claims and
indications to expand its product pipeline; and other general
corporate purposes, including capital expenditures, licensing of
intellectual property, repayment of indebtedness and working
capital.
The offering is expected to close on or about April 8, 2014,
subject to customary closing conditions. In addition, BG Medicine
has granted the underwriter a 30-day option to purchase up to an
additional 967,800 shares of common stock on the same terms and
conditions, solely to cover over-allotments, if any.
Lazard Capital Markets LLC is acting as the sole book-running
manager for the offering.
The shares described above will be issued pursuant to a
prospectus supplement filed as part of a shelf registration
statement on Form S-3 previously filed with and declared effective
by the Securities and Exchange Commission ("SEC"). The offering may
be made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained by sending
a request to: Lazard Capital Markets LLC, 30 Rockefeller Plaza,
60th Floor, New York, NY 10020 or via telephone at (212) 632-6717.
BG Medicine intends to file a final prospectus supplement relating
to the offering with the SEC, which will be available along with
the accompanying prospectus filed with the SEC in connection with
the shelf registration, on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of BG Medicine, nor
shall there be any sale of securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction. This press release is being issued
pursuant to and in accordance with Rule 134 under the Securities
Act of 1933, as amended.
About BG Medicine
BG Medicine, Inc. (Nasdaq:BGMD), the developer of the BGM
Galectin-3® Test, is focused on the development and delivery of
diagnostic solutions to aid in the clinical management of heart
failure and related disorders. For additional information about BG
Medicine, heart failure and galectin-3 testing, please visit
www.bg-medicine.com.
The BG Medicine Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10352.
Cautionary Statement Regarding Forward-Looking
Statements
This communication includes forward-looking statements regarding
events, trends and business prospects, which may affect BG
Medicine's future operating results and financial position. Such
statements, including, but not limited to, those regarding
statements about BG Medicine's expectations regarding its
fundraising efforts, including the closing of the public offering,
the anticipated use of proceeds from the offering and the
underwriter's exercise of its over-allotment option, involve known
and unknown risks that relate to BG Medicine's future events or
future financial performance and the actual results could differ
materially from those discussed in this communication. Risks and
uncertainties that may cause BG Medicine's actual results to differ
materially from those discussed in this communication can be found
in the Risk Factors and in the Management's Discussion and Analysis
of Financial Condition and Results of Operations sections of our
recent filings with the Securities and Exchange Commission,
including a preliminary prospectus supplement filed on April 2,
2014 and our most recent Annual Report on Form 10-K filed on March
27, 2014. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date
hereof, and BG Medicine assumes no responsibility to update or
revise any forward-looking statements contained in this
communication to reflect events, trends or circumstances after the
date of this communication.
CONTACT: Stephen P. Hall
EVP & Chief Financial Officer
(781) 434-0210
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