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Exact Sciences Plans to Raise $50.2M in Public Offering

NEW YORK (GenomeWeb News) – Exact Sciences today said it plans to raise $50.2 million in net proceeds from a public offering of common stock.

The Madison, Wis.-based molecular diagnostics company is offering 5.5 million shares of its common stock at $9.75 per share. The offering is expected to close on or about Aug. 13.

Jefferies & Co. and R.W. Baird are joint book-running managers on the offering. William Blair & Co. and JMP Securities are co-managers. Exact Sciences is granting the underwriters a 30-day option to purchase up to an aggregate of 825,000 additional shares of common stock.

The company said proceeds will go toward general corporate purposes and working capital including product development, efforts to obtain approval from the US Food and Drug Administration of its Cologuard colorectal cancer screening test, and product commercialization efforts.

Exact Sciences is currently conducting the DeeP-C clinical trial, as well as a pharmacoeconomic study, for Cologuard.

The test was developed in collaboration with Mayo Clinic. In May the company announced the expansion of its collaboration with Mayo to include gastrointestinal cancers and diseases, as well as new cancer screening applications of stool- and blood-based testing.

Today's stock offering is being made pursuant to a shelf registration filed by Exact Sciences in September 2010. It said in that registration that it would offer to the public from time to time up to $150 million in securities.

The firm recently reported flat revenues for the second quarter, compared to a year ago. As of June 30, Exact Sciences had $6 million in cash and cash equivalents and $64.8 million in short-term marketable securities.

In Wednesday morning trade on the Nasdaq, shares of Exact Sciences were down 3 percent at $9.99.

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