Quotient Limited Announces Pricing of Underwritten Offering of Ordinary Shares

JERSEY, Channel Islands, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT) (the Company), a commercial-stage diagnostics company, today announced the pricing of its previously announced underwritten public offering of 12,000,000 ordinary shares at a price to the public of $7.00 per share. The net proceeds to the Company from this offering are expected to be approximately $78.4 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.  All of the ordinary shares sold in the offering were offered by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 of its ordinary shares. The offering is expected to close on November 12, 2019, subject to customary closing conditions.

The Company intends to use the net proceeds of the offering primarily to fund the ongoing development and commercialization of MosaiQ and for working capital, operating expenses and other general corporate purposes.

Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. BTIG is acting as lead manager.

A shelf registration statement on Form S-3 relating to the ordinary shares offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on August 13, 2018, and declared effective by the SEC on August 24, 2018. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the Securities and Exchange Commission and are available, and a final prospectus supplement and accompanying prospectus relating to the offering will be filed with the Securities and Exchange Commission and will be available on the Securities and Exchange Commission’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, when available, may also be obtained from Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at Prospectus_Department@Jefferies.com; Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com; and BTIG, LLC, Equity Capital Markets, 65 East 55th Street, New York, NY 10022, or by telephone at (212) 593-7555 or by email at EquityCapitalMarkets@btig.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Quotient Limited

Building on 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, deliver significant workflow improvements, and operational cost savings to laboratories around the world. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania.

The Quotient logo and MosaiQ™ are registered trademarks or trademarks of Quotient Limited and its subsidiaries in various jurisdictions.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the underwritten public offering, including the anticipated net proceeds to be raised in the offering and expected closing date of the offering. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: market conditions; Quotient's ability to satisfy closing conditions related to the offering; unanticipated expenses associated with the offering; and other risks set forth in Quotient's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as other documents that Quotient files with the Securities and Exchange Commission, including the Registration Statement on Form S-3 (File No. 333-226800) for the offering.  Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Quotient disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors.

CONTACT:

Chris Lindop, Chief Financial Officer
chris.lindop@quotientbd.com
+41 799 61 69 38

Quotient Limited logo

Source: Quotient Limited