WALTHAM, Mass., Nov. 8 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. (Amex: IMA), announced today that it is offering to sell, subject to market and other conditions, 7,000,000 shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. Certain selling stockholders of the Company are also offering to sell up to 165,698 shares of common stock in the offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,074,854 shares of common stock to cover over-allotments, if any. The Company will not receive any proceeds from the sale of the shares by the selling stockholders.
Inverness intends to use the net proceeds from the offering for working capital and other general corporate purposes, including the financing of potential acquisitions or other investments, if and when suitable opportunities arise, and for capital expenditures. Inverness also may use a portion of the net proceeds to fund its pending acquisition of Panbio Ltd.
UBS Investment Bank, Jefferies & Company and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering. Leerink Swann LLC and Stifel, Nicolaus & Company, Incorporated are acting as co-managers for the offering.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. A copy of the preliminary prospectus supplement and accompanying prospectus related to this offering may be obtained by calling the Prospectus Department at UBS Investment Bank, 299 Park Avenue, New York, NY 10171, toll- free at 888-827-7275; Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY 10022 by phone at (212) 284-2342 or by fax request at (212) 284-2208; or Merrill Lynch & Co., 4 World Financial Center, 250 Vesey Street, Ground Floor, New York, New York 10080 by phone at 212-449-1000.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements with respect to the proposed public offering. Forward-looking statements include statements regarding the intent, belief or current expectations of Inverness Medical Innovations, Inc. and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. There can be no assurance that the proposed public offering will be completed, or, if completed, as to the number of shares sold in the offering or the price at which such shares are sold. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company's ability to control or predict. Actual results may differ materially due to numerous factors, including without limitation market conditions generally and also specifically relating to the Company's shares of common stock, the ability of the Company to successfully develop and commercialize products, the potential market acceptance of the Company's current and future products, the efficacy and safety of the Company's products, the content and timing of submissions to and decisions by regulatory authorities both in the United States and abroad, the ability to manufacture sufficient quantities of product for development and commercialization activities, and the effect of pending and future legal proceedings, including the cost thereof, on the Company's financial performance and product offerings and the risks and uncertainties described in the Company's periodic reports filed with the Securities and Exchange Commission under the federal securities laws, including the Company's Annual Report on Form 10-K for the year ended December 31, 2006, and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2007, June 30, 2007 and September 30, 2007.
|SOURCE Inverness Medical Innovations|
Copyright©2007 PR Newswire.
All rights reserved