BG Medicine, Inc. Prices $10.0 Million Public Offering of Common Stock
WALTHAM, Mass., April 3, 2014 (GLOBE NEWSWIRE) -- BG Medicine, Inc.
(Nasdaq:BGMD), the developer of the BGM Galectin-3^® Test, today announced the
pricing of the sale of 6,452,000 shares of its common stock in an underwritten
public offering at a price to the public of $1.55 per share. The net offering
proceeds to BG Medicine from the sale of the shares are expected to be
approximately $8.9 million, after deducting underwriting discounts and
commissions and other estimated offering expenses, but excluding any exercise
of the underwriter's over-allotment option.
BG Medicine anticipates using the net proceeds from this offering for its
operations, including, advancing the commercialization of its cardiovascular
diagnostic tests in the United States and Europe and developing new clinical
claims and indications to expand its product pipeline; and other general
corporate purposes, including capital expenditures, licensing of intellectual
property, repayment of indebtedness and working capital.
The offering is expected to close on or about April 8, 2014, subject to
customary closing conditions. In addition, BG Medicine has granted the
underwriter a 30-day option to purchase up to an additional 967,800 shares of
common stock on the same terms and conditions, solely to cover
over-allotments, if any.
Lazard Capital Markets LLC is acting as the sole book-running manager for the
The shares described above will be issued pursuant to a prospectus supplement
filed as part of a shelf registration statement on Form S-3 previously filed
with and declared effective by the Securities and Exchange Commission ("SEC").
The offering may be made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained by sending a request
to: Lazard Capital Markets LLC, 30 Rockefeller Plaza, 60^th Floor, New York,
NY 10020 or via telephone at (212) 632-6717. BG Medicine intends to file a
final prospectus supplement relating to the offering with the SEC, which will
be available along with the accompanying prospectus filed with the SEC in
connection with the shelf registration, on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities of BG Medicine, nor shall there be any sale of
securities in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This press release is being
issued pursuant to and in accordance with Rule 134 under the Securities Act of
1933, as amended.
About BG Medicine
BG Medicine, Inc. (Nasdaq:BGMD), the developer of the BGM Galectin-3^® Test,
is focused on the development and delivery of diagnostic solutions to aid in
the clinical management of heart failure and related disorders. For additional
information about BG Medicine, heart failure and galectin-3 testing, please
The BG Medicine Inc. logo is available at
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements regarding events,
trends and business prospects, which may affect BG Medicine's future operating
results and financial position. Such statements, including, but not limited
to, those regarding statements about BG Medicine's expectations regarding its
fundraising efforts, including the closing of the public offering, the
anticipated use of proceeds from the offering and the underwriter's exercise
of its over-allotment option, involve known and unknown risks that relate to
BG Medicine's future events or future financial performance and the actual
results could differ materially from those discussed in this communication.
Risks and uncertainties that may cause BG Medicine's actual results to differ
materially from those discussed in this communication can be found in the Risk
Factors and in the Management's Discussion and Analysis of Financial Condition
and Results of Operations sections of our recent filings with the Securities
and Exchange Commission, including a preliminary prospectus supplement filed
on April 2, 2014 and our most recent Annual Report on Form 10-K filed on March
27, 2014. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof, and BG
Medicine assumes no responsibility to update or revise any forward-looking
statements contained in this communication to reflect events, trends or
circumstances after the date of this communication.
CONTACT: Stephen P. Hall
EVP & Chief Financial Officer
BG Medicine, Inc. logo
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