Accelerate Diagnostics Inc (AXDX) News & EventsAXDXAccelerate Diagnostics Inc

Accelerate Diagnostics files for Chapter 11 protection, agrees to sell assets

Accelerate Diagnostics has voluntarily initiated a Chapter 11 restructuring proceeding in the U.S. Bankruptcy Court for the District of Delaware and will seek to sell its assets through a court supervised sale process. To provide necessary funding during the Chapter 11 proceeding, Accelerate has received a commitment of up to $12.5M in a multi-draw DIP financing facility. The DIP financing is expected to provide Accelerate with the necessary liquidity to operate in the normal course and meet obligations throughout the Chapter 11 proceeding while executing on the sale process. Prior to the Chapter 11 filing, the company agreed to terms with Indaba Capital Management - a majority holder of the company's prepetition secured notes -- to acquire substantially all the assets of the company. The purchase price of Indaba's "stalking horse" bid includes a credit bid of $36.9M of Indaba's existing secured notes and DIP financing facility, certain assumed liabilities, and excluded cash sufficient to wind-down the company following sale closing. The company will manage the bidding process and evaluate any bids received, in consultation with its advisors and as overseen by the Bankruptcy Court. In the event additional qualified bids are received, the company will conduct an auction for the sale of its assets. If no other qualified bids are received, Indaba will be deemed the successful bidder.

Accelerate Diagnostics board forms committee to exlore strategic alternatives

In a regulatory filing, the company states: "On April 10, 2025, the Board of Directors of Accelerate Diagnostics, Inc., a Delaware corporation, unanimously elected Paul Shalhoub and Gilbert Nathan to serve as new directors, effective immediately. Messrs. Shalhoub and Nathan will serve as members of the Board until their successors are elected and qualified or until their earlier death, resignation, disqualification or removal. On April 10, 2025, the Board unanimously approved the formation of a special committee to oversee all key matters in connection with strategic alternatives with the goal of maximizing value. The members of the Special Committee are Wayne Burris, Paul Shalhoub and Gilbert Nathan. In connection therewith, the Company is actively engaging with its key stakeholders to explore all available strategic alternatives. No assurances can be given regarding the outcome or timing of the Special Committee's review process. The Company does not intend to make any further public comment regarding the review unless and until it has approved a course of action for which further disclosure is appropriate."

Accelerate Diagnostics submits WAVE system for FDA 510(k) clearance

Accelerate Diagnostics announced the submission of its Accelerate WAVE system and positive blood culture gram-negative test kit to the U.S. Food and Drug Administration for 510(k) clearance. "The Accelerate WAVE system is designed to provide rapid antimicrobial susceptibility testing (AST) directly from positive blood culture bottles and bacterial isolate colonies. The WAVE system is designed to deliver accurate results in an average of 4.5 hours, enabling same shift targeted antimicrobial therapy for patients with serious infections. With a user-friendly workflow, high throughput capacity, and scalable design, once approved by the FDA, the WAVE system will offer microbiology laboratories a comprehensive AST solution to meet a wide range of testing demands and hospital formulary needs," the company stated.