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Accelerate Raises $20M in Rights Offering

NEW YORK (GenomeWeb News) – Accelerate Diagnostics today said it has completed a previously announced rights offering, raising $20 million.

The offering had broad participation from insiders and non-insider investors and included a standby commitment by Abeja Ventures.

Stockholders subscribed for a total of about 1.9 million shares, pursuant to their basic subscription privileges, for a participation rate of 75 percent. Shareholders also over-subscribed for a total of 1.1 million shares of which 203,062 shares were issued after exclusions based on the outcome of the basic subscription, the Tucson, Ariz.-based firm said.

A total of 413,090 shares will be issued to Abeja. In aggregate Accelerate will issue almost 2.5 million shares of its common stock, of which 1.7 million shares, or 69 percent, were acquired by company directors.

The company has said that net proceeds will go toward working capital and funding of Accelerate's business plan and product commercialization work.

On Monday, the company reported a 68 percent reduction in revenues for its second quarter.