In a public financing undertaking, Accelr8 Technology Corporation announced that it has received shareholder approval, met all closing conditions, and has consummated a transaction that will result in an investment of up to $35 million in Accelr8′s common stock.
The purpose of this public financing is to complete the product development and market introduction of Accelr8′s BACcel culture-free, diagnostic system for same-shift identification and antibiotic resistance testing of bacterial and fungal pathogens.
The investment group is led by Jack Schuler, John Patience and Lawrence Mehren.
Schuler and Patience are the principals and founders of Crabtree Partners LLC., and have been instrumental in the success of numerous companies.
They founded Stericycle, (NASDAQ: SRCL) and led the group that provided the capital for Ventana Medical Systems.
Mehren was most recently Head of Global Business of Roche Tissue Diagnostics and immediately prior to that, CFO of Ventana Medical Systems.
All three were appointed to Accelr8′s board of directors in connection with the closing of the transaction, and Mr. Mehren has been named CEO of Accelr8.
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