OraSure Technologies, Inc. Announces Proposed Public Offering of Common Stock
June 01 2020 - 3:01PM
OraSure Technologies, Inc. (Nasdaq: OSUR) (“OraSure” or the
“Company”) today announced it has commenced an underwritten public
offering of 8,000,000 shares of its common stock. J.P. Morgan
Securities LLC, Citigroup Global Markets Inc. 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. The
Company expects to grant the underwriters a 30-day option to
purchase up to an additional 1,200,000 shares of common stock
offered in the public offering. The offering is subject to market
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the final size or terms of the
offering.
The Company intends to use the net proceeds from
this offering to expand its manufacturing capacity for products
both existing and in-development 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. 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 Global Markets
Inc., 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
TechnologiesOraSure 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 StatementsThis
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 Partners212-600-1920 |
VP Corporate
Communications484-353-1575 |
OraSure@argotpartners.com |
media@orasure.com |
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