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Exact Sciences Nets $17.6M from Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences said after the close of the market on Monday that it had raised net proceeds of $17.6 million from its public offering of 4.2 million shares of common stock.

The firm priced the offering at $4.50 per share.

The Madison, Wis.-based molecular diagnostics firm said that it intends to use the funds for "strategic initiatives" that it may "undertake from time to time." In addition, Exact Sciences said that it would use the proceeds for product development initiatives and to further its efforts to obtain US Food and Drug Administration clearance of its stool-based DNA colorectal cancer screening product.

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