NEW YORK (GenomeWeb News) – Exact Sciences has completed its public offering of common stock, raising net proceeds of roughly $64.7 million.
The Madison, Wis.-based molecular diagnostics firm sold 11.5 million shares, which included an over-allotment option of 1.5 million shares, at $6 per share. The firm launched the offering last week.
Exact Sciences said that it will use the proceeds from the offering to support clinical trials of its stool-based DNA colorectal cancer screening test. In addition, the funds may be used "strategic initiatives," it said.
Two weeks ago, the firm presented results from a validation study for the test.
In early Wednesday trade on the Nasdaq, shares of Exact Sciences were down 2 percent at $6.13.