Exact Sciences Prices 5.5M Shares at $9.75
Exact Sciences Corp. (Nasdaq: EXAS) today announced the pricing of an underwritten public offering of 5,500,000 shares of its common stock at a price to the public of $9.75 per share. The net proceeds to Exact from this offering are expected to be approximately $50.2 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about August 13, 2012, subject to customary closing conditions.
Jefferies & Company, Inc. and Robert W. Baird & Co. Incorporated are acting as joint book-running managers in the offering. William Blair & Company, L.L.C. and JMP Securities LLC are acting as co-managers for the offering. Exact has granted the underwriters a 30-day option to purchase up to an aggregate of 825,000 additional shares of common stock. Exact anticipates using the net proceeds from the offering for general corporate and working capital purposes, including for product development and in furtherance of the company's efforts to obtain FDA approval of its sDNA colorectal cancer screening product and product commercialization activities.
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