WALTHAM, Mass., Jan. 19 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. , announced today that it is offering to sell, subject to market and other conditions, 5,000,000 shares of its common stock pursuant to an effective shelf registration statement in an underwritten public offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock to cover over- allotments, if any. All of the shares in the offering are to be sold by Inverness.
Inverness intends to use a portion of the net proceeds from the offering to repay outstanding indebtedness and 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.
Jefferies & Company and UBS Investment Bank are acting as joint book- running managers for the offering. Cowen and Company and Leerink Swann & Company 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 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 at UBS Investment Bank, 299 Park Avenue, New York, NY 10171, toll- free at 888-827-7275.
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.
Forward-Looking Statements
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 complete its pending 50/50 joint venture with The Procter & Gamble Company, 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, 2005, and its most recent Quarterly Report on Form 10-Q for the period ended September 30, 2006.
Inverness Medical Innovations, Inc.
CONTACT: Doug Guarino, Director of Corporate Relations of InvernessMedical Innovations, +1-781-647-3900
Web site: http://www.invernessmedical.com/
