TUCSON,
Ariz., June 13, 2023 /PRNewswire/ -- Accelerate
Diagnostics, Inc., (NASDAQ: AXDX) a leading provider of innovative
rapid diagnostic solutions, has closed the transactions
contemplated by the previously announced restructuring support
agreement. Through a series of transactions, the company has
simplified its capital structure, extended-out its debt maturity
3.5 years and secured $24 million of
new funding, providing opportunities for future growth and
innovation.
"Completing our debt restructuring is a significant milestone
for Accelerate Diagnostics, as it strengthens our financial
position and sets the stage for future growth," said Jack Phillips, CEO of Accelerate Diagnostics.
"With the commitment of $24 million
in new funding, we are also well-positioned to accelerate the
development of our Wave platform and further strengthen our
leadership in Rapid Susceptibility Testing."
Accelerate Diagnostics' next generation platform, Wave, is
designed to address the pressing challenges of sepsis and
antimicrobial resistance by delivering accurate and rapid
antibiotic susceptibility results to effectively treat serious
infectious diseases. By providing actionable results in record
time, Wave empowers medical professionals to make better-informed
treatment decisions, improve patient outcomes, and reduce the
spread of antimicrobial resistance. Accelerate Diagnostics
believes that this game-changing technology has the potential to
revolutionize traditional testing practices for positive blood
cultures, as well as the significantly larger laboratory testing
volumes of isolated colony susceptibilities.
Summary of Transactions:
- Exchanged approximately $57
million of its 2.50% Convertible Senior Notes due 2023 for
5.00% Secured Convertible Senior Notes due 2026 ("Notes") and
brought in $10 million of proceeds
from the sale of additional Notes for a total issuance of
approximately $67 million of
Notes
- Converted approximately $36
million of secured promissory notes into common stock
- Converted approximately 3.9 million preferred shares into
common stock
- Amended and closed a previously announced March 2022 securities purchase agreement for
$4 million of common stock at a
purchase price of $0.82 per
share
- Entered into a new securities purchase agreement for the sale,
prior to December 15, 2023, of
$10 million of common stock or, in
lieu of such sale at the Company's option, a backstop of the sale
of $10 million of common stock in an
underwritten public offering
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. is an in
vitro diagnostics company dedicated to providing solutions
for the global challenges of antibiotic resistance and sepsis. The
Accelerate Pheno® system and Accelerate
PhenoTest® BC kit combine several technologies aimed at
reducing the time clinicians must wait to determine the most
optimal antibiotic therapy for deadly infections. The FDA cleared
system and kit fully automate the sample preparation steps to
report phenotypic antibiotic susceptibility results in
approximately 7 hours direct from positive blood cultures. Recent
external studies indicate the solution offers results 1-2 days
faster than existing methods, enabling clinicians to optimize
antibiotic selection and dosage specific to the individual patient
days earlier.
"Accelerate Diagnostics" and diamond shaped logos and marks are
registered trademarks of Accelerate Diagnostics, Inc.
For more information about the company, its products and
technology, or recent publications, visit axdx.com.
Forward-Looking Statements
Certain of the statements made in this press release are
forward-looking or may have forward-looking implications. Actual
results or developments may differ materially from those projected
or implied in these forward-looking statements. Information about
the risks and uncertainties faced by Accelerate Diagnostics is
contained in the section captioned "Risk Factors" in the company's
most recent Annual Report on Form 10-K, filed with the Securities
and Exchange Commission on March 31,
2023, and in other reports that the company files with the
Securities and Exchange Commission. The company's forward-looking
statements could be affected by general industry and market
conditions and regulatory approvals. Except as required by federal
securities laws, the company undertakes no obligation to update or
revise these forward-looking statements to reflect new events,
uncertainties or other contingencies.
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SOURCE Accelerate Diagnostics, Inc.