Venaxis Closes Underwritten Public Offering, Including Full Over-Allotment

  Venaxis Closes Underwritten Public Offering, Including Full Over-Allotment

PR Newswire

CASTLE ROCK, Colo., May 30, 2013

CASTLE ROCK, Colo. , May 30, 2013 /PRNewswire/ -- Venaxis, Inc. (Nasdaq:
APPY), an in vitro diagnostic company focused on obtaining FDA clearance and
commercializing its rapid, protein biomarker-based appendicitis test, APPY1,
today announced the closing of its previously announced underwritten public
offering. The underwriter fully exercised its option to purchase additional
shares of common stock and related warrants to cover over-allotments,
resulting in the sale of 11,500,000 shares of common stock and related
warrants to purchase up to 4,025,000 shares of common stock, at an exercise
price of $1.36 per share, at a combined public offering price of $1.25 per
share and related warrant. The gross proceeds to Venaxis from this offering
were approximately $14.4 million, before deducting underwriting discounts and
commissions and other estimated offering expenses payable by Venaxis and
excluding the proceeds, if any, from the exercise of warrants.

Piper Jaffray & Co. acted as sole manager for the offering.

Venaxis anticipates using the net proceeds from the offering for working
capital and other general corporate purposes, including funding for further
clinical development, seeking FDA clearance for APPY1, and for initial
commercialization of APPY1 in the U.S. and the E.U.

"The closing of this offering is a significant milestone for Venaxis," stated
Steve Lundy, President and CEO. "We now have the funds to complete the FDA's
clearance process and implement initial commercial milestones necessary to
bring the APPY1 test into the hands of hospitals and clinicians in the United
States and Europe. We look forward to continuing to execute our commercial
plan, which currently includes focused market development activities in
Europe, where APPY1 is CE Marked, as well as in the U.S., where we anticipate
completing the pivotal clinical trial in late 2013 and thereafter filing for
FDA clearance."

This offering was made pursuant to a final prospectus relating to the offering
that was filed with the Securities and Exchange Commission on May 24, 2013.
Copies of the final prospectus relating to the offering may be obtained from
the Securities and Exchange Commission website at, or from
the underwriters at Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at 800-747-3924 or
email at 

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other

About Venaxis, Inc.

Venaxis, Inc. is an in vitro diagnostic company focused on the clinical
development and commercialization of its rapid, protein biomarker-based
appendicitis test, APPY1. This unique appendicitis test has projected high
sensitivity and negative predictive value and is being developed to aid in the
identification of patients at low risk for acute appendicitis, allowing for
more conservative patient management. APPY1 is CE marked in Europe and is
being developed in the U.S. initially for pediatric, adolescent and young
adult patients with abdominal pain, as this population is at the highest risk
for appendicitis and has the highest risk of long-term health effects
associated with CT imaging. While FDA clearance is being sought, an initial
launch for APPY1 is ongoing in select European countries. For more
information, visit

Forward-Looking Statements

This press release includes "forward-looking statements" of Venaxis, Inc.
("Venaxis") as defined by the Securities and Exchange Commission ("SEC"). All
statements, other than statements of historical fact, included in this press
release that address activities, events or developments that Venaxis believes
or anticipates will or may occur in the future are forward-looking statements.
These statements are based on certain assumptions made based on experience,
expected future developments and other factors Venaxis believes are
appropriate in the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of
Venaxis. Investors are cautioned that any such statements are not guarantees
of future performance. Actual results or developments may differ materially
from those projected in the forward-looking statements as a result of many
factors, including our ability to successfully complete required product
development and modifications in a timely and cost effective manner, complete
clinical trial activities for the APPY1 test required for FDA submission,
obtain FDA clearance or approval, maintain CE marking, cost effectively
manufacture and generate revenues from the APPY1 test at a profitable price
point, execute agreements required to successfully advance the company's
objectives, retain the management team to advance the products, overcome
adverse changes in market conditions and the regulatory environment, obtain
and enforce intellectual property rights, and realize value of intangible
assets. Furthermore, Venaxis does not intend (and is not obligated) to update
publicly any forward-looking statements. The contents of this press release
should be considered in conjunction with the risk factors contained in
Venaxis' recent filings with the SEC, including the prospectus filed on May
24, 2013.

SOURCE Venaxis, Inc.

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