Accelerate Diagnostics, Inc. announced that it expects to receive $30.450004 million in funding
September 21, 2021
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Accelerate Diagnostics, Inc. announced a private placement of 3,954,546 series A convertible preferred stock at an par value of $0.001, issue price of $7.7 per shares for gross proceeds of $30,450,004.2 on September 22, 2021.The company will issue securities pursuant to exemption provided under Regulation D. The company issued the funding in multiple tranches of 2,636,364 Series A Preferred Shares were issued and sold to the Schuler Parties for aggregate proceeds of approximately $20.3 million. The second tranche for the remaining 1,318,182 Series A Preferred Shares for aggregate proceeds of approximately $10.2 million is expected to close on October 31, 2021 or such other date as the parties may agree. The securities are issued under pursuant to Section 4(a)(2) of the Securities Act (as defined below) and Rule 506 promulgated thereunder.
Accelerate Diagnostics, Inc. is an in-vitro diagnostics company. The Company is engaged in providing solutions that improve patient outcomes through the diagnosis of serious infections. Its in vitro diagnostic platform, the Accelerate Pheno system utilizes genotypic technology to identify (ID), infectious pathogens and phenotypic technology to conduct antibiotic susceptibility testing (AST), which determines whether live bacterial or fungal cells are resistant or susceptible to a particular antibiotic. It detects and identifies pathogens directly from a single patient sample followed by antimicrobial susceptibility testing based on the identification results. The Accelerate Pheno system features walk-away automation and consists of a fixed instrument and single-use test kit. The Accelerate PhenoTest BC Kit, in conjunction with other clinical and laboratory findings, in the diagnosis of bacteremia and fungemia, both life-threatening conditions with high morbidity and mortality risk.