Skip to main content
Premium Trial:

Request an Annual Quote

Exact Sciences Files for $125M Stock Offering

NEW YORK (GenomeWeb News) – Exact Sciences said after the close of the market Wednesday that it has launched a $125 million public offering of common stock.

The Madison, Wis.-based molecular diagnostics developer didn't say how many shares it intends to offer.

Its stock closed at $14.25 in Wednesday trade on the Nasdaq but was down around 5 percent at $13.49 Thursday morning.

In its filing with the US Securities and Exchange Commission, Exact Sciences said that it would use proceeds from the offering for general corporate and working capital purposes, including funding its efforts to obtain US Food and Drug Administration approval of its Cologuard test and subsequent commercialization activities, as well as further product development efforts.

Last week an expert panel of the FDA's Medical Devices Advisory Committee unanimously supported approval of Cologuard, a stool-based, non-invasive molecular screening test for colorectal cancer. Although advisory committee recommendations are not binding on the FDA, the agency has historically taken the advice of its expert panels.

As of the end of 2013, Exact Sciences had around $12.9 million in cash and cash equivalents.

Jefferies, Goldman Sachs, and Robert W. Baird are joint book-running managers for the proposed offering, while William Blair and Canaccord Genuity are co-managers of the offering.

The Scan

Hormone-Based Gene Therapy to Sterilize Domestic Cat

A new paper in Nature Communication suggests that gene therapy could be a safer alternative to spaying domestic cats.

Active Lifestyle Linked to Type 2 Diabetes Prevention in People at High Genetic Risk

A study in the British Journal of Sports Medicine shows that an active lifestyle goes a long way in type 2 diabetes prevention.

Beneficial, Harmful Effects of Introgression Between Wild and Domesticated European Grapes

A paper in PNAS shows that European wild grapevines were an important resource for improving the flavor of cultivated wine grapes.

Genetic Ancestry of South America's Indigenous Mapuche Traced

Researchers in Current Biology analyzed genome-wide data from more than five dozen Mapuche individuals to better understand their genetic history.