QUIDEL Receives $5 Million from the Exercise of Expiring Warrants
SAN DIEGO, Feb. 3 /PRNewswire/ -- Quidel Corp , a leading developer and marketer of rapid
diagnostic tests today announced the receipt of $5 million from the exercise of warrants originally
issued in connection with a private financing in January, 1991. These warrants had an expiration
date of January 31, 1997.
The warrants were exercisable at $2.95 per share and resulted in the issuance of an additional
1,692,087 shares which represents a 7.75% increase in the Company's outstanding stock.
The Morgan Investment Corporation, which has been a long-term shareholder, held the majority of
these warrants. With the exercise of these warrants they have now become our largest stockholder,
owning 8.5% of the Company.
"We appreciate the continued confidence and support of our major shareholder," said Steven T.
Frankel, Quidel President and Chief Executive Officer. "These proceeds will strengthen the
Company's balance sheet and provide the capital to fund future growth of the Company."
QUIDEL Corporation discovers, develops, manufactures, and markets rapid immunodiagnostic
products for point-of-care detection of human medical conditions and illnesses. These products
provide simple, accurate, and cost- effective diagnoses of acute and chronic conditions in the areas
of reproductive and women's health, infectious diseases, allergies and autoimmune disorders.
QUIDEL's rapid tests facilitate early diagnosis and treatment during the same office visit, promoting
faster patient recovery while reducing overall health care costs. QUIDEL's products are sold to
professionals in the physician's office and clinical laboratory, and to consumers through retail drug
stores. SOURCE QUIDEL Corp. |
