OraSure Technologies, Inc. Announces Closing of Underwritten Offering of Common Stock
17 July 2012 - 12:46AM
OraSure Technologies, Inc. (Nasdaq:OSUR) today announced the
closing of its previously announced public offering of common
stock. As a result, the Company issued a total of 6,100,000 shares
in the offering at a price of $12.30 per share.
After the underwriting discounts and estimated offering
expenses, OraSure received net proceeds of approximately $70.2
million. Citigroup and Jefferies served as joint book-running
managers and Canaccord Genuity, Stephens Inc., ThinkEquity LLC and
JMP Securities served as co-managers for the offering. The shares
described above were sold by OraSure pursuant to a registration
statement previously filed with and subsequently declared effective
by the Securities and Exchange Commission.
The Company expects to use the net proceeds of this offering for
general corporate purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of 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. Copies of the
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from: Citigroup, Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220,
Telephone: 800-831-9146 or Email: batprospectusdept@citi.com; or
Jefferies & Company, Inc., Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 12th Floor, New York,
NY, 10022, Telephone: 877-547-6340, Email:
Prospectus_Department@Jefferies.com.
About OraSure Technologies
OraSure Technologies is a leader in the development, manufacture
and distribution of oral fluid diagnostic and collection devices
and other technologies designed to detect or diagnose critical
medical conditions. Its innovative products include rapid tests for
the detection of antibodies to HIV and HCV at the point of care and
testing solutions for detecting various drugs of abuse. In
addition, the Company is a leading provider of oral fluid sample
collection, stabilization and preparation products for molecular
diagnostic applications. OraSure's portfolio of products is sold
globally to various clinical laboratories, hospitals, clinics,
community-based organizations and other public health
organizations, research and academic institutions, distributors,
government agencies, physicians' offices, and commercial and
industrial entities. The Company's products enable healthcare
providers to deliver critical information to patients, empowering
them to make decisions to improve and protect their health.
The OraSure Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6440
Forward Looking Statements
This press release contains certain forward-looking statements,
including with respect to products and expected sales and product
availability. 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 market and sell products, whether through an
internal, direct sales force or third parties; 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; 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; failure of
distributors or other customers to meet purchase forecasts or
minimum purchase requirements for the Company's products; impact of
replacing distributors and success of direct sales efforts;
inventory levels at distributors and other customers; ability to
integrate and realize the full benefits of the Company's
acquisition of DNA Genotek; ability to identify, complete,
integrate and realize the full benefits of future acquisitions;
impact of competitors, competing products and technology changes;
impact of the economic downturn, high unemployment and poor credit
conditions; 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, including the OraQuick® In-Home HIV Test; market
acceptance of oral fluid testing or other products; changes in
market acceptance of products based on product performance,
extended shelf life or other factors; 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 product components;
availability of related products produced by third parties or
products required for use of our products; history of losses and
ability to achieve sustained profitability; ability to utilize net
operating loss carry forwards or other deferred tax assets;
volatility of our 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 meet financial
covenants in agreements with financial institutions; ability to
refinance outstanding debt under expiring credit facilities on
acceptable terms or at all; ability to 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 are discussed more fully in the Company's Securities and
Exchange Commission filings, including its registration statements,
Annual Report on Form 10-K for the year ended December 31, 2011,
Quarterly Reports on Form 10-Q, 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. The forward-looking
statements are made as of the date of this press release and
OraSure Technologies undertakes no duty to update these
statements.
CONTACT: Company Contact:
Ronald H. Spair
Chief Financial Officer
610-882-1820
investorinfo@orasure.com
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