Exact Sciences Corp. (NASDAQ: EXAS) today announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a price of $12.75 per share to the public. The net proceeds to Exact from this offering are expected to be approximately $119.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Exact. The offering is expected to close on or about April 9, 2014, subject to the satisfaction of customary closing conditions. Exact has granted the underwriters a 30-day option to purchase up to an aggregate of 1,500,000 additional shares of common stock. Exact anticipates using the net proceeds from the offering to fund its efforts to obtain FDA approval of its Cologuard test, to fund Cologuard commercialization activities, to fund product development efforts, and for general corporate and working capital purposes.
Jefferies LLC, Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated are acting as joint book-running managers for the proposed offering. William Blair & Company, L.L.C. and Canaccord Genuity Inc. are acting as co-managers of the offering.