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Accelerate Diagnostics Completes $45M Rights Offering

NEW YORK (GenomeWeb News) – Accelerate Diagnostics said today it raised $45 million from a rights offering commenced last month.

About $25.5 million was raised from shareholders who subscribed for more than 1.5 million shares of the Tucson, Ariz.-based firm's common stock. It said that approximately 58 percent of the shares were subscribed for by Accelerate's directors, and added that 57 percent of stockholders exercised their subscription privileges.

Another $19.5 million was raised as a result of standby commitments from the Jack W. Schuler Living Trust, the Schuler Family Foundation, Oracle Institutional Partners, and Oracle Partners to purchase all remaining shares of Accelerate's common stock not subscribed for by its common shareholders as part of the rights offering.

Oracle Partners and Oracle Institutional Partners were not original standby purchasers but assumed a portion of the standby obligations committed to by the Jack W. Schuler Living Trust and the Schuler Family Foundation, Accelerate said.

The company has said that proceeds will be used to fund Accelerate's business plan and to commercialize its products. The firm makes the BACcel system for single-cell microbiology analysis, and it plans to further develop the system for diagnosing pathogens involved in hospital-acquired infections.