TUCSON, Ariz., June 4, 2013 /PRNewswire/ -- Accelerate Diagnostics, Inc. (NASDAQ: AXDX), an in vitro diagnostics company dedicated to providing solutions for the global challenge of drug resistant organisms and hospital acquired infections, today announced that it has filed a Registration Statement on Form S-3 with the Securities and Exchange Commission (the "SEC") for a rights offering to existing holders of its common stock. Upon completion of the rights offering, the Company will receive gross proceeds of approximately $20,000,000 before expenses. The Company has received a standby commitment from Abeja Ventures, LLC, which is owned by, among other individuals and entities, Lawrence Mehren, John Patience, Jack Schuler and Matthew W. Strobeck, each of whom is a director of the Company. The standby purchaser has agreed to purchase any and all shares of common stock that are not subscribed for by stockholders in connection with the rights offering.
The rights offering will be made through the Company's distribution to its existing stockholders of non-transferable subscription rights to purchase their pro rata portion of newly issued shares of the Company's common stock. The subscription price has not yet been determined but will be based on the closing market price of the Company's common stock, as reported by the NASDAQ Capital Market, on the latest practicable date prior to the launch of the rights offering. The record date for the distribution of the rights and the dates for both the subscription period and the expiration of the rights offering will be included in the final prospectus.
The purpose of this rights offering is to raise equity capital in a cost-effective manner that gives all of the Company's existing stockholders the opportunity to participate on a pro rata basis. The net proceeds of the offering will be used for working capital and specifically to fund the Company's business plan and product commercialization efforts.