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Accelr8 Completes Deal for $35M Investment, New CEO Named

NEW YORK (GenomeWeb News) – Accelr8 today announced that it has received shareholder approval, met all closing conditions, and completed a transaction that will bring in a $35 million investment.

The investment, which was announced in April, will go toward the development and commercialization of the company's BACcel culture-free diagnostic system for same-shift identification and antibiotic resistance testing of bacterial and fungal pathogens.

The investment was led by Jack Schuler, John Patience, and Lawrence Mehren, who were all appointed to Accelr8's board. Mehren also was named CEO of Accelr8, succeeding Tom Geimer.

Schuler and Patience are principals and founders of Crabtree Partners. Mehren was most recently head of global business of Roche Tissue Diagnostics. Before that, he was CFO of Ventana Medical Systems, a Roche business.

In Wednesday afternoon trading on the New York Stock Exchange, shares of Accelr8 were down 5 percent at $2.60.