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Exact Sciences Nets $73.4M in Public Offering

NEW YORK (GenomeWeb News) – Exact Sciences today said that it raised $73.4 million in net proceeds from a previously announced public offering of its common stock.

The firm sold 6,325,000 shares at $12.35 per share, bringing in $78.1 million in gross proceeds.

Net proceeds will be used for general corporate and working capital purposes, including product development and efforts toward receiving US Food and Drug Administration approval for its Cologuard colorectal cancer screening test, as well as other product commercialization activities. The Madison, Wis.-based company filed the third and final premarket approval module to FDA for Cologuard earlier this month.

Jefferies and R.W. Baird acted as joint book-running managers on the offering. William Blair, Canaccord Genuity, and Mizuho Securities were co-managers.

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