NEW YORK (GenomeWeb News) – Accelerate Diagnostics said after the close of the market on Monday that it has commenced a $45 million rights offering to fund the firm's product commercialization efforts.
The Tucson, Ariz.-based company is distributing at no charge to the holders of its common stock as of 5:00 PM EDT, March 14, 2014, .063921 non-transferable subscription rights for each share of stock owned.
Each whole subscription right, Accelerate said, will allow its holder to subscribe to purchase one share of common stock at a subscription price of $16.80 per share. The company intends to issue about 2.7 million shares of its stock in connection to the rights offering.
The subscription rights may be exercised until April 28.
Accelerate said it has a standby commitment from the Jack W. Schuler Living Trust and the Schuler Family Foundation and that the standby purchaser has agreed to purchase all shares of common stock not subscribed for by shareholders in connection to the rights offering.
Proceeds will be used for working capital, the company said. Specifically, it will fund Accelerate's business plan and the commercialization of 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.
Accelerate ended 2013 with $30 million in cash and cash equivalents.