Diagnostics firm raises $109M
Tucson-based Accelerate Diagnostics Inc. says it has raised $109 million with a secondary public offering of stock.
The company, which is commercializing a blood-test system to rapidly identify bacterial and fungal infections, said it sold more than 6.4 million shares of common stock Tuesday at a price per share of $17. The sale includes 838,235 shares issued and sold to the offering underwriters, who fully exercised their option to purchase additional shares, the company said.
Accelerate said it had gross proceeds of about $109.3 million before deducting underwriting commissions and discounts, and offering expenses. Accelerate Diagnostics says it will use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities was lead book runner for the offering, with Piper Jaffray & Co., while William Blair & Co. and BTIG LLC were co-managers, the company said.
TEP rate hearings set
Public hearings in a rate case filed by Tucson Electric Power Co. have been set for Tucson next August.
TEP filed a rate request with the Arizona Corporation Commission in November, seeking a 7 percent revenue increase that would boost the average home customerβs bill by $12 a month by 2017.
The utility also is seeking changes that would impose new costs on customers with rooftop solar arrays.
A Corporation Commission administrative law judge has set hearings in the case for Aug. 31 at the state building at 400 W. Congress St., Room 222. The judge will hear testimony and make a recommendation to the full commission.
New Premium Outlets to host holiday bash
Tucson Premium Outlets in Marana will hold a free holiday celebration on Saturday from 3 p.m. to 7 p.m. in its main courtyard at 6401 Marana Center Blvd.
The Holiday Extravaganza will feature live holiday music and covers performed by Heart & Soul Trio Band, a five-minute snow show every half hour, strolling carolers, stilt walkers, jugglers, a 30-foot Christmas tree, and Santa, who will be available to take photos at no charge with children and families.
