Accelr8 Technology Corporation
(NYSE MKT: AXK) announced today that it has received shareholder approval, met all closing conditions, and has consummated a transaction that will result in an investment of up to $35 million in Accelr8’s common stock. The purpose is to complete the product development and market introduction of Accelr8’s BACcel culture-free, diagnostic system for same-shift identification and antibiotic resistance testing of bacterial and fungal pathogens.
The investment group is led by Jack Schuler, John Patience and Lawrence Mehren. Schuler and Patience are the principals and founders of Crabtree Partners LLC., and have been instrumental in the success of numerous companies. They founded Stericycle, (NASDAQ: SRCL) and led the group that provided the capital for Ventana Medical Systems. Mehren was most recently Head of Global Business of Roche Tissue Diagnostics and immediately prior to that, CFO of Ventana Medical Systems. All three were appointed to Accelr8’s board of directors in connection with the closing of the transaction, and Mr. Mehren has been named CEO of Accelr8.
“We are very pleased with the investment,” said Mehren. “Our strengthened balance sheet provides us with the resources needed to realize the significant potential of the company’s unique technology.”
Accelr8 Technology Corporation (
) is a developer of innovative materials and instrumentation for advanced applications in medical instrumentation, basic research, drug discovery, and bio-detection. Accelr8 is developing a rapid analytical platform for infectious pathogens, the BACcel™ system, based on its innovative assay processing and detection technologies. In addition, Accelr8 licenses certain of its proprietary technology for use in applications outside of Accelr8’s own products.
Certain statements in this news release may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statement, including those detailed in the company's filings with the Securities and Exchange Commission. Accelr8 does not undertake an obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.