BioScrip Completes Public Offering of Common Stock
June 22 2016 - 10:13AM
BioScrip, Inc. (NASDAQ:BIOS) (the “Company” or “BioScrip”)
announced today that it has completed its previously announced
underwritten public offering (the “Offering”) of 45,200,000 shares
of its common stock, including 5,200,000 shares of common stock
issued upon full exercise of the underwriters’ over-allotment
option, at a public offering price of $2.00 per share. The
Offering resulted in net proceeds of approximately $83.15 million,
after deducting underwriting discounts and commissions and offering
expenses. Jefferies LLC acted as the lead joint book-running
manager, SunTrust Robinson Humphrey, Inc. acted as a passive
book-running manager and Craig-Hallum Capital Group LLC acted as a
co-manager.
The Company intends to use the net proceeds from
the Offering in the following order of priority: (i) to fund the
cash portion of the previously announced proposed acquisition of
substantially all the assets of HS Infusion Holdings, Inc. (the
“Transaction”) and pay fees and expenses in connection with the
Transaction, (ii) to repay a portion of our outstanding borrowings
under its revolving credit facility and (iii) for general corporate
purposes. If the Transaction is not completed, we intend to
use any net proceeds from the Offering (i) to repay a portion of
our outstanding borrowings under our revolving credit facility and
(ii) for general corporate purposes.
The Offering is being made pursuant to a
registration statement previously filed and declared effective by
the Securities and Exchange Commission (the “SEC”). A
preliminary and final prospectus supplement and accompanying
prospectus relating to the offering have been filed with the SEC
and are available on the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and accompanying
prospectus relating to the Offering may also be obtained from:
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 12th Floor, New York, New York, 10022,
Telephone: 877-547-6340, Email:
Prospectus_Department@Jefferies.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About BioScrip, Inc.
BioScrip, Inc. is a leading national provider of
infusion and home care management solutions. BioScrip partners with
physicians, hospital systems, skilled nursing facilities,
healthcare payors, and pharmaceutical manufacturers to provide
patients access to post-acute care services. BioScrip
operates with a commitment to bring customer-focused pharmacy and
related healthcare infusion therapy services into the home or
alternate-site setting. By collaborating with the full
spectrum of healthcare professionals and the patient, BioScrip
provides cost-effective care that is driven by clinical excellence,
customer service, and values that promote positive outcomes and an
enhanced quality of life for those it serves.
Forward-Looking Statements – Safe Harbor
This press release includes statements that may
constitute “forward-looking statements," that involve substantial
risks and uncertainties. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. You can identify these statements by the
fact that they do not relate strictly to historical or current
facts. In some cases, forward-looking statements can be
identified by words such as "may," "should," "could," "anticipate,"
"estimate," "expect," "project," "intend," "plan," "believe,"
"predict," "potential," "continue" or comparable terms.
These forward-looking statements include, among others,
statements about the Company’s expectations with respect to the
intended use of proceeds from the Offering. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause actual results to
be materially different from any results expressed or implied by
such forward-looking statements. For example, there are risks
associated with the Transaction, market conditions, as well as the
risks described in the prospectus supplement and the Company's
periodic filings with the Securities and Exchange Commission,
including, but not limited to, the Company’s annual report on Form
10-K for the year ended December 31, 2015. The Company
does not undertake any duty to update these forward-looking
statements after the date hereof, even though the Company’s
situation may change in the future. All of the
forward-looking statements herein are qualified by these cautionary
statements.
For Further Information:
Investor Contact
Jeffrey M. Kreger
BioScrip Chief Financial Officer
(720) 697-5200
jeffrey.kreger@bioscrip.com
Media Contact
Susan J. Lewis
(303) 766-4343 or (303) 518-7100
slewis@pairelations.com
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