NEW YORK(GenomeWeb) – Exact Sciences today priced the public offering of 7 million shares of its common stock at $25.50 per share.
Net proceeds will be used to expand the commercialization of the Cologuard colorectal cancer screening test, which was approved by the US Food and Drug Administration last August. Proceeds will also be used to fund product development and for general corporate and working capital purposes.
Jefferies and R.W. Baird are the underwriters for the offering. Exact Sciences has granted them the option to purchase up to 1.05 million additional shares. The offering is expected to close on or about July 24.
Gross proceeds from the offering would be $205.3 million if the underwriters exercise their option to purchase additional shares in full.
The Madison, Wisconsin-based molecular diagnostics firm said on Monday that it recorded $8.1 million in revenues for the second quarter. It ended the quarter with $33.8 million in cash and cash equivalents, and $177.1 million in marketable securities.
In pre-market trading on the Nasdaq today, shares of Exact Sciences were down around 5 percent at $25.80.