OraSure Technologies Files Universal Shelf Registration Statement
BETHLEHEM, Pa.--(BUSINESS WIRE)--July 3, 2003--OraSure Technologies, Inc. (Nasdaq NM:OSUR), the market leader in oral fluid diagnostics, today announced that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission ("SEC") for the registration and potential issuance of up to $75 million of OraSure securities.
The securities covered by the universal shelf, which may include common stock, preferred stock or debt securities, are being registered on a delayed basis because OraSure does not intend to sell securities immediately upon the effectiveness of the registration statement. The actual amount and type of securities, or combination of securities, to be issued and the terms of those securities, will be determined at the time of sale, if such sale occurs.
"Although I believe we are sufficiently capitalized to fund the Company's current operating activities, we want to be prepared to raise additional capital to help accelerate revenue growth and implement our growth strategy," said Mike Gausling, President and Chief Executive Officer of OraSure Technologies. "Our growth strategy consists of capitalizing on our existing product portfolio, expanding our existing product and technology platforms into new applications and supplementing our existing product pipeline with strategic purchases and acquisitions."
OraSure intends to use the net proceeds from the sale of securities covered by the shelf registration for general corporate purposes, which may include ongoing research and development activities, commercialization of new products, potential acquisitions, capital expenditures, patent license fees, debt service and retirement, and general working capital.
The registration statement has not yet become effective. These securities may not be sold nor may offers to buy be accepted before the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.
About OraSure Technologies
OraSure Technologies, Inc. is the market leader for oral fluid diagnostics. The Company develops, manufactures, and markets medical devices and diagnostic products for use by insurance companies, public health agencies, clinical laboratories, physicians' offices, and workplace sites. For more information on the Company, please visit www.orasure.com.
Important Information
This press release contains certain forward-looking statements, including with respect to financial performance, sales, products, and research and development activities, and with respect to OraSure's shelf registration statement and the marketing and sale of securities thereunder. Actual results could be significantly different. Factors that could affect results include the ability to market products; impact of competitors, competing products and technology changes; ability to develop, commercialize and market new products; market acceptance of oral fluid testing products and other products; ability to fund research and development and other projects and operations; ability to obtain and timing of obtaining necessary regulatory approvals; ability to develop product distribution channels; uncertainty relating to patent protection and potential patent infringement claims; ability to enter into international manufacturing agreements; obstacles to international marketing and manufacturing of products; ability to sell products internationally; loss or impairment of sources of capital; exposure to product liability and other types of litigation; changes in international, federal or state laws and regulations; changes in relationships with strategic partners and reliance on strategic partners for the performance of critical activities under collaborative arrangements; changes in accounting practices or interpretation of accounting requirements; customer inventory practices and consolidations; equipment failures and ability to obtain needed raw materials and components; the impact of terrorism and civil unrest; and general business, political and economic conditions. These and other factors are discussed more fully in the Securities and Exchange Commission filings of OraSure Technologies, including its registration statements, its Annual Report on Form 10-K for the year ended December 31, 2002 and its Quarterly Reports on Form 10-Q. Although forward-looking statements help to provide complete information about future prospects, readers should keep in mind that forward-looking statements may not be reliable. The forward-looking statements are made as of the date of this press release and OraSure Technologies undertakes no duty to update these statements.
CONTACT: OraSure Technologies, Inc. Ronald H. Spair, 610/882-1820 Investorinfo@orasure.com www.orasure.com SOURCE: OraSure Technologies, Inc.
