Accelr8 (AXK) Gets $35M Investment; Will Issue 14M Common at $1.03/Share and 7M Warrants

April 23, 2012 3:02 PM EDT
Accelr8 Technology Corporation (Amex: AXK) announced today that an investment group formed by Jack Schuler, John Patience, and Larry Mehren will invest a total 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.

Terms include purchase of 14 million shares of Accelr8‘s common stock at $1.03 per share for an initial investment of $14.42 million. The investors also will be issued a total of 7 million warrants with an exercise price at $1.03, and 7 million warrants with an exercise price at $2.00. The parties anticipate closing on or before July 1, 2012, subject to obtaining shareholder approval on the transaction.

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