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Exact Sciences Prices Stock Offering of 10M Shares

NEW YORK (GenomeWeb News) – Exact Sciences today priced its common stock offering of 10 million shares at $12.75 per share.

The Madison, Wis.-based molecular diagnostics firm expects net proceeds from the offering to be around $119.7 million. However, the underwriters of the offering have a 30-day option to purchase up to an aggregate of 1,500,000 additional shares of common stock.

Exact Sciences, which announced the offering on Wednesday, said that it would use the proceeds from the offering for general corporate and working capital purposes, including funding its efforts to obtain US Food and Drug Administration approval of its Cologuard test and subsequent commercialization activities, as well as further product development efforts.

Last week an expert panel of the FDA's Medical Devices Advisory Committee unanimously supported approval of Cologuard, a stool-based, non-invasive molecular screening test for colorectal cancer. Although advisory committee recommendations are not binding on the FDA, the agency has historically taken the advice of its expert panels.

Jefferies, Goldman Sachs, and Robert W. Baird are joint book-running managers for the proposed offering, while William Blair and Canaccord Genuity are co-managers of the offering.

In early Friday trade on the Nasdaq, shares of Exact Sciences were up 5 percent at $13.58.