Wednesday August 30, 7:01 pm Eastern Time
Press Release
ACLARA BioSciences, Inc. Announces Partial Release of Lock-Up Restrictions
MOUNTAIN VIEW, Calif.--(BW HealthWire)--Aug. 30, 2000--ACLARA BioSciences, Inc. (Nasdaq:ACLA - news) announced today that Deutsche Banc Alex. Brown, on behalf of the other underwriters of ACLARA's initial public offering which was effective March 20, 2000, has authorized an early release of the underwriters' lock-up restrictions on approximately six million shares of ACLARA's common stock, representing approximately 25% of the shares originally subject to the lock-up restrictions. The released shares will become available for sale on September 1, 2000. The lock-up release will enable these pre-IPO stockholders to sell a portion of their shares if they are interested in doing so and if their shares are otherwise eligible for sale into the public market subject, where applicable, to certain volume limitations and other requirements imposed by federal securities laws. Deutsche Banc Alex. Brown has required, as a condition of the early release, that the early release shares be sold through Deutsche Banc Alex. Brown's brokerage division and that the selling stockholder agree to lock-up restrictions for 50% of the remaining shares held by them for a period of 45 days following the original 180-day lock-up period. The original lock-up period ends on September 16, 2000, and the 45-day extension period ends on October 31, 2000. The lock-up agreements cover shares held by the stockholder at the time of the IPO and shares subsequently acquired during the lock-up period.
ACLARA BioSciences, Inc. is a microfluidics, or lab-on-a-chip, company and is developing multiple products based on its proprietary technology that will allow researchers to rapidly perform large numbers of chemical and biological measurements in a miniaturized, automated format. The company's plastic LabCard (TM) array chips are being developed initially for use in the genomics and pharmaceutical drug screening markets.
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Contact:
ACLARA BioSciences, Inc.
Nancy Pecota, 650/210-1200
npecota@aclara.com |
