Venaxis, Inc. Announces Proposed Public Offering of Common Shares
CASTLE ROCK, Colo., April 2, 2014
CASTLE ROCK, Colo., April 2, 2014 /PRNewswire/ -- Venaxis, Inc. (NASDAQ:
APPY), an in vitro diagnostic company focused on obtaining FDA clearance for
and commercializing its CE Marked APPY1™ Test, a rapid, multiple
biomarker-based index assay for identifying patients that are at low risk for
appendicitis, today announced that it intends to offer shares of its common
stock in an underwritten public offering. The offering is subject to market
and other conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the offering.
Canaccord Genuity is acting as sole book-running manager for the offering and
Craig-Hallum Capital Group is acting as lead manager.
Venaxis expects to use the net proceeds from the offering for sales and
marketing initiatives, continued product development, and general corporate
The offering is being made pursuant to a shelf registration statement (File
No.333-191853) previously filed with and declared effective by the U.S.
Securities and Exchange Commission (SEC). This press release does not
constitute an offer to sell or a solicitation of an offer to buy any
securities, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
A preliminary prospectus supplement and accompanying prospectus relating to
the offering will be filed with the SEC and will be available free of charge
on the website of the SEC at www.sec.gov. When available, copies of the
preliminary prospectus supplement and the accompanying prospectus may also be
obtained by contacting the Syndicate Department of Canaccord Genuity Inc., by
mail at 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by
telephone at (800)225-6201. Prospective investors should read in their
entirety the prospectus supplement and the accompanying prospectus and the
other documents that Venaxis has filed with the SEC for more complete
information about Venaxis and the offering.
About Venaxis, Inc.
Venaxis, Inc. is an in vitro diagnostic company focused on the clinical
development and commercialization of its CE Marked APPY1 Test, the Company's
rapid, protein biomarker-based assay for appendicitis. 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.
The APPY1 Test is being developed 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, a limited
commercial launch for the APPY1 Test is ongoing in select European countries.
For more information, visit www.venaxis.com.
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 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 its
Form 10-K for the year ended December 31, 2013, filed with the SEC on March
Venaxis and APPY1 are trademarks of Venaxis, Inc.
For Investors and Media:
Tiberend Strategic Advisors, Inc.
Joshua Drumm, PhD, firstname.lastname@example.org; (212) 375-2664
Claire Sojda, email@example.com; (212) 375-2686
SOURCE Venaxis, Inc.
Press spacebar to pause and continue. Press esc to stop.