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Accelerate Diagnostics Publicly Offering 2.5M Shares of Common Stock

NEW YORK (360Dx) – Accelerate Diagnostics said after the close of the market on Monday it has commenced an underwritten public offering of 2.5 million shares of its common stock.

Accelerate has not yet priced the offering, but said in a document filed with the US Securities and Exchange Commission that net proceeds from the offering are estimated at about $68.6 million, based on an assumed public offering of $29.50 per share, the closing price of the company's shares on May 5. The firm plans to use net proceeds for general corporate purposes and to fund commercialization efforts.

It said that it expects to grant the underwriters of the offering a 30-day option to purchase up to an additional 375,000 shares of its common stock at the public offering price.

JP Morgan Securities is the lead book-running manager for the offering, while William Blair and Piper Jaffray are joint book-running managers. BTIG is the lead manager for the offering.

Last week, Accelerate reported preliminary first quarter revenues of $530,000, up from $163,000 in the year-ago period. 

In early morning trading on Tuesday, the firm's shares were down more than 2 percent at $28.45 on the Nasdaq.