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Exact Sciences Nets $138M in Stock Offering

NEW YORK (GenomeWeb News) – Exact Sciences has raised $137.7 million in net proceeds from a public offering of 11.5 million shares of common stock.

The firm priced the shares at $12.75 each, which brought in gross proceeds of $146.6 million. Exact Sciences priced the offering of 10 million shares last week. The underwriters on the offering exercised their 1.5 million-share overallotment option in full.

The Madison, Wis.-based molecular diagnostics firm said that it would use the 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.

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.

In Thursday morning trade on the Nasdaq, shares of Exact Sciences were down around 1 percent at $12.87.