OraSure Technologies, Inc. Announces Exercise of Option to Purchase Additional Shares of Common Stock
June 03 2020 - 8:50PM
OraSure Technologies, Inc. (Nasdaq: OSUR) (“OraSure” or the
“Company”) today announced the full exercise by the underwriters of
their option to purchase an additional 1,200,000 shares of its
common stock in connection with the Company’s previously announced
offering that priced on June 2, 2020. In total, 9,200,000
shares of common stock of the Company are being sold in the
offering. With the exercise by the underwriters of their option to
purchase such additional shares, after the underwriting discount
and estimated offering expenses, OraSure expects to receive net
proceeds of approximately $94.9 million. The offering is expected
to close on June 5, 2020, subject to customary closing conditions.
J.P. Morgan Securities LLC, Citigroup and Evercore Group L.L.C. are
acting as joint book‑running managers of the offering and as
representatives of the underwriters. UBS Investment Bank and
Raymond James & Associates, Inc. are acting as co-managers of
the offering.
The Company intends to use the net proceeds from
this offering to expand its manufacturing capacity for both
existing and in-development products for use in testing for
COVID-19, to fund potential acquisitions of new businesses,
technologies or products, to fund the development,
commercialization and manufacturing costs related to its products
and for general corporate purposes.
The securities described above are being offered
by OraSure pursuant to a registration statement previously filed
and declared effective by the Securities and Exchange Commission
(“SEC”). This press release does not constitute an offer to sell or
a solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering may
be made only by means of a prospectus supplement and an
accompanying base prospectus. A final prospectus supplement and
accompanying base prospectus relating to the offering have been
filed with the SEC and are available on the SEC’s website at
www.sec.gov. Copies of the prospectus supplement and accompanying
base prospectus relating to this offering may be obtained from:
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Ave., Edgewood, NY 11717, or by telephone at (866)
803-9204; Citigroup, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, or by telephone at (800)
831-9146; or Evercore Group L.L.C., Attention: Equity Capital
Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by
telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com.
About OraSure Technologies
OraSure Technologies empowers the global
community to improve health and wellness by providing access to
accurate essential information. Together with its wholly-owned
subsidiaries DNA Genotek, Diversigen, CoreBiome (now operating
under the Diversigen brand) and Novosanis, OraSure provides its
customers with end-to-end solutions that encompass tools, services
and diagnostics. The OraSure family of companies is a leader in the
development, manufacture and distribution of rapid diagnostic
tests, sample collection and stabilization devices, and molecular
product and services solutions designed to discover and detect
critical medical conditions. OraSure’s portfolio of products is
sold globally to clinical laboratories, hospitals, physician’s
offices, clinics, public health and community-based organizations,
research institutions, distributors, government agencies, pharma,
commercial entities and direct to consumers.
Forward Looking Statements
This press release contains certain
forward-looking statements, including with respect to expected
revenues and earnings/loss per share. Forward-looking statements
are not guarantees of future performance or results. Known and
unknown factors that could cause actual performance or results to
be materially different from those expressed or implied in these
statements include, but are not limited to: ability to successfully
manage and integrate acquisitions of other companies in a manner
that complements or leverages our existing business, or otherwise
expands or enhances our portfolio of products and our end-to-end
service offerings, and the diversion of management’s attention from
our ongoing business and regular business responsibilities to
effect such integration; the expected economic benefits of
acquisitions (and increased returns for our stockholders),
including that the anticipated synergies, revenue enhancement
strategies and other benefits from the acquisitions may not be
fully realized or may take longer to realize than expected and our
actual integration costs may exceed our estimates; impact of
increased or different risks arising from the acquisition of
companies located in foreign countries; ability to market and sell
products, whether through our internal, direct sales force or third
parties; impact of significant customer concentration in the
genomics business; failure of distributors or other customers to
meet purchase forecasts, historic purchase levels or minimum
purchase requirements for our products; ability to manufacture
products in accordance with applicable specifications, performance
standards and quality requirements; ability to obtain, and timing
and cost of obtaining, necessary regulatory approvals for new
products or new indications or applications for existing products;
ability to comply with applicable regulatory requirements; ability
to effectively resolve warning letters, audit observations and
other findings or comments from the U.S. Food and Drug
Administration (“FDA”) or other regulators; the impact of the novel
coronavirus (“COVID-19”) pandemic on our business and our ability
to successfully develop new products, validate the expanded use of
existing collector products and commercialize such products for
COVID-19 testing; changes in relationships, including disputes or
disagreements, with strategic partners or other parties and
reliance on strategic partners for the performance of critical
activities under collaborative arrangements; ability to meet
increased demand for the Company’s products; impact of replacing
distributors; inventory levels at distributors and other customers;
ability of the Company to achieve its financial and strategic
objectives and continue to increase its revenues, including the
ability to expand international sales; ability to identify,
complete, integrate and realize the full benefits of future
acquisitions; impact of competitors, competing products and
technology changes; reduction or deferral of public funding
available to customers; competition from new or better technology
or lower cost products; ability to develop, commercialize and
market new products; market acceptance of oral fluid or urine
testing, collection or other products; market acceptance and uptake
of microbiome informatics, microbial genetics technology and
related analytics services; changes in market acceptance of
products based on product performance or other factors, including
changes in testing guidelines, algorithms or other recommendations
by the Centers for Disease Control and Prevention (“CDC”) or other
agencies; ability to fund research and development and other
products and operations; ability to obtain and maintain new or
existing product distribution channels; reliance on sole supply
sources for critical products and components; availability of
related products produced by third parties or products required for
use of our products; impact of contracting with
the U.S. government; impact of negative economic
conditions; ability to maintain sustained profitability;
ability to utilize net operating loss carry forwards or other
deferred tax assets; volatility of the Company’s stock price;
uncertainty relating to patent protection and potential patent
infringement claims; uncertainty and costs of litigation relating
to patents and other intellectual property; availability of
licenses to patents or other technology; ability to enter into
international manufacturing agreements; obstacles to international
marketing and manufacturing of products; ability to sell products
internationally, including the impact of changes in international
funding sources and testing algorithms; adverse movements in
foreign currency exchange rates; loss or impairment of sources of
capital; ability to attract and retain qualified personnel;
exposure to product liability and other types of litigation;
changes in international, federal or state laws and regulations;
customer consolidations and inventory practices; equipment failures
and ability to obtain needed raw materials and components; the
impact of terrorist attacks and civil unrest; and general
political, business and economic conditions. These and other
factors that could affect our results are discussed more fully
in our SEC filings, including our registration
statements, Annual Report on Form 10-K for the year ended
December 31, 2019, Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020, and other filings with the SEC.
Although forward-looking statements help to provide information
about future prospects, readers should keep in mind that
forward-looking statements may not be reliable. Readers are
cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are made as
of the date of this press release
and OraSure Technologies undertakes no duty to update
these statements.
Investor Contact: |
Media Contact: |
Sam Martin |
Jeanne Mell |
Argot Partners212-600-1902 |
VP Corporate
Communications484-353-1575 |
OraSure@argotpartners.com |
media@orasure.com |
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