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Exagen Prices $60.1M Public Offering of Stock

NEW YORK – Autoimmune disease firm Exagen announced on Monday that it is offering 3.7 million shares of its common stock priced at $16.25 per share.

The company said it expects proceeds from the offering to be $60.1 million. Exagen has also granted the underwriters a 30-day option to purchase up to an additional 555,000 shares of common stock. The offering is expected to close on March 25.

Cowen, William Blair, and Cantor Fitzgerald are acting as joint bookrunning managers for the offering, along with Canaccord Genuity. BTIG is the lead manager.

Exagen said it will use the money from the offering to develop multiomics capabilities, including building out its clinical laboratory, advancing its product pipeline, enhancing its intellectual property protection for its technologies, and providing working capital and other general corporate purposes. The product pipeline includes the development of tests for fibromyalgia, rheumatoid arthritis, thrombosis, and lupus nephritis. 

The Vista, California-based company may also use the money to in-license, acquire, or invest in complementary businesses, technologies, products, or assets, although it currently doesn't have commitments to do so.

In Tuesday afternoon trading on the Nasdaq, Exagen's share price was down nearly 11 percent to $17.03.