Exact Sciences Corp. (Nasdaq: EXAS) today announced that it has completed its previously announced underwritten public offering of common stock at a price of $6.00 per share.
Due to the exercise in full of the underwriters' over-allotment option, the company sold a total of 11,500,000 shares of common stock in the offering for an aggregate public offering amount of $69 million, and received approximately $64.7 million of net proceeds from the offering, after deducting the underwriting discount and estimated expenses of the offering payable by the company.
Exact anticipates using the net proceeds from the offering to fund clinical trials of its product candidate and for working capital and other general corporate purposes, including to fund strategic initiatives that it may undertake from time to time, for product development and in furtherance of its efforts to obtain FDA clearance of its sDNA colorectal cancer screening product.
Jefferies & Company, Inc. and Robert W. Baird & Co. Incorporated acted as joint book-running managers for the offering and Lazard Capital Markets LLC and Rodman & Renshaw, LLC acted as co-managers for the offering.
The securities described above were offered by Exact pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on Sept. 7, 2010. A final prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement relating to these securities may be obtained from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at 877-547-6340, and at [email protected].
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