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Exact Sciences Nets $64.7M from Stock Offering

By a GenomeWeb staff reporter

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.

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