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Accelerate Dx Prices Public Offering at $79.3M

NEW YORK (360Dx) – Accelerate Diagnostics said after the close of the market on Tuesday that it had priced a $79.3 million public offering, consisting of 2.75 million shares of its common stock at a price of $28.85 per share, after originally offering 2.5 million shares.

Accelerate said that its gross proceeds from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be about $79.3 million, and the offering is expected to close on or about May 15.

The company noted that it has granted its offering underwriters a 30-day option to purchase up to an additional 412,500 shares of its common stock at the public offering price, less the underwriting discounts and commissions.

The firm said that it anticipates using the proceeds from the offering for general corporate purposes and to fund commercialization efforts.

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.

In Wednesday morning trading on the Nasdaq, the firm's shares were down 2 percent at $28.12.