NEW YORK (GenomeWeb News) – Exact Sciences announced after the close of the market on Tuesday that it has filed a universal shelf registration for the sale from time to time of up to $150 million in securities.
In the form S-3 filed with the US Securities and Exchange Commission, the company said that proceeds from the sale will be used for general corporate purposes and working capital, which includes funding efforts to obtain clearance from the US Food and Drug Administration of its stool-based DNA colorectal cancer screening product.
Exact Sciences said in a statement that the registration statement has not yet become effective and added that it has no immediate plans to offer securities under the shelf registration. Terms of any offering will be determined at the time of the offering.
In April, the Madison, Wis.-based molecular diagnostics firm completed a public offering of 4.2 million shares of its common stock at $4.50 to raise about $17.6 million in net proceeds.