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stock offering

The company closed on the public offering of 4.6 million shares of its common stock at $8.75 per share.

The firm will use the proceeds to further commercialize the Cologuard test and fund product development, and for general corporate and working capital purposes.

It will use the proceeds to fund domestic and international commercialization efforts, enhancements to its bioinformatics platform, and portfolio expansion.

The offering of 4 million shares is expected to close on or around July 22 with an option for the underwriters to buy an additional 600,000 shares.

The company also said that its cash burn rate for Q2 is estimated to be about $4.8 million, or $1.3 million more than its average cash burn. 

The company will offer the shares from time to time through an "at-the-market" offering.

The offering raised net proceeds of $6.2 million, which will be used for working capital and general corporate purposes, the firm said. 

The firm, which went public in October, made a public offering of more than 2.5 million units at $8.80 per unit. 

The company is offering about 2.7 million units consisting of preferred stock and warrants at $8.80 per unit. 

The molecular diagnostics firm offered more than 3.2 million shares of its stock at $2.80 per share as part of the offering. 


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