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Exact Sciences Expects to Raise $64M in Public Offering of Stock

NEW YORK (GenomeWeb News) – Exact Sciences today priced its public offering of 5.5 million shares of its common stock at $12.35 per share with anticipated net proceeds of about $63.7 million.

The company announced the offering after the close of the market on Monday and has filed a shelf registration with the US Securities and Exchange Commission. Jefferies and R.W. Baird are joint book-running managers for the proposed offering. William Blair, Canaccord Genuity, and Mizuho Securities are co-managers.

Exact Sciences has granted the underwriters a 30-day option to purchase an aggregate of 825,000 additional shares of its common stock.

Net proceeds will be used for general corporate and working capital purposes, including product development and continued efforts to receive US Food and Drug Administration approval for its Cologuard colorectal cancer screening test, as well as other product commercialization activities.

Exact Sciences last week said that it filed the third and final premarket approval module to FDA for Cologuard.

The offering is expected to close on or about June 21.

As of the end of the first quarter, March 31, the firm had $8.1 million in cash and cash equivalents and $87.4 million in marketable securities.

Exact Sciences' stock closed up 2 percent at $12.59 in Monday trade on the Nasdaq.