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Exact Sciences Plans to Net $56.2M in Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences today said it anticipates raising $56.2 million in net proceeds from a public offering of 10 million shares of its common stock at $6 per share.

The Madison, Wis.-based company said the proceeds will be used to fund clinical trials of its products, working capital, and other corporate purposes. That includes the funding of strategic initiatives including product development, and further efforts to obtain clearance from the US Food and Drug Administration for its sDNA colorectal cancer screening product. Last week, the company presented results from a validation study for the test.

Jefferies & Co. and Robert W. Baird are acting as joint book-running managers in the offering. Lazard Capital Markets and Rodman & Renshaw are co-managers. The underwriters have been granted a 30-day option to purchase an aggregate of 1.5 million additional shares of Exact Sciences' common stock to cover over-allotments, if any.

The offering is expected to close on or about Nov. 9.

In April, Exact Sciences raised $17.6 million in a public offering.

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