OraSure Technologies, Inc. Announces Exercise of Option to Purchase Additional Shares of Common Stock

BETHLEHEM, Pa., June 03, 2020 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq: OSUR) (“OraSure” or the “Company”) today announced the full exercise by the underwriters of their option to purchase an additional 1,200,000 shares of its common stock in connection with the Company’s previously announced offering that priced on June 2, 2020.  In total, 9,200,000 shares of common stock of the Company are being sold in the offering. With the exercise by the underwriters of their option to purchase such additional shares, after the underwriting discount and estimated offering expenses, OraSure expects to receive net proceeds of approximately $94.9 million. The offering is expected to close on June 5, 2020, subject to customary closing conditions. J.P. Morgan Securities LLC, Citigroup and Evercore Group L.L.C. are acting as joint book‑running managers of the offering and as representatives of the underwriters. UBS Investment Bank and Raymond James & Associates, Inc. are acting as co-managers of the offering.

The Company intends to use the net proceeds from this offering to expand its manufacturing capacity for both existing and in-development products for use in testing for COVID-19, to fund potential acquisitions of new businesses, technologies or products, to fund the development, commercialization and manufacturing costs related to its products and for general corporate purposes.

The securities described above are being offered by OraSure pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (“SEC”). 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. The offering may be made only by means of a prospectus supplement and an accompanying base prospectus. A final prospectus supplement and accompanying base prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, or by telephone at [phone]; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at [phone]; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at [phone], or by email at [e-mail].