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Exact Sciences Raises Net Proceeds of $57.8M in Public Offering

NEW YORK (GenomeWeb News) – Exact Sciences has raised $57.8 million in net proceeds from its public offering, the Madison, Wis.-based firm announced after the close of the market on Monday.

The company sold a total of 6,325,000 shares of its common stock at $9.75 per share. Jefferies and Co. and R.W. Baird were joint book-running managers in the offering, and William Blair & Co. and JMP Securities were co-managers.

The company said last week that it planned to raise $50.2 million in net proceeds through the offering of 5.5 million shares and added that the underwriters would be given a 30-day option to purchase an aggregate of 825,000 additional shares of Exact Sciences' common stock.

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 said a week ago.

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