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Exact Sciences Plans Public Offering of 7M Shares of Common Stock

NEW YORK (GenomeWeb) – Exact Sciences has agreed to sell 7 million shares of its common stock at $35 per share in an underwritten public offering.

The company has also granted the underwriters an option to purchase nearly 1.1 million additional shares. If the over-allotment option is exercised, gross proceeds from the offering will be around $281.7 million.

Exact said it intends to use the proceeds from the offering to fund the expansion of commercialization activities for its colon cancer test, Cologuard, including increasing its laboratory, manufacturing, and customer service capacity. The proceeds will also be used to fund the company's product development efforts and for general corporate and working capital purposes.

Jefferies, BofA Merrill Lynch, and Robert W. Baird are acting as the underwriters and joint book-running managers for the offering. William Blair and Cowen are acting as lead managers of the offering, and BTIG and Craig-Hallum Capital Group are acting as comanagers.

The offering is expected to close on or about June 12.

Exact's shares fell more than 7 percent to $33.97 in Wednesday morning trading on the Nasdaq.