Exact Science To Raise $50.2 Mln In Proceeds From Public Stock Offering

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8/8/2012 9:57 AM ET

Exact Sciences Corp. (EXAS: Quote), announced Wednesday the pricing of an underwritten public offering of 5.5 million shares at $9.75 per share.

After deducting underwriting discounts and commissions and other estimated offering expenses, net proceeds to the company are expected to be $50.2 million.

Exact expects to use 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 DNA colorectal cancer screening product and product commercialization activities.

The company has granted the underwriters a 30-day option to purchase up to 825,000 additional shares of common stock.

The offering may close on or before August 13, 2012, subject to customary closing conditions.

Jefferies & Company, Inc. and Robert W. Baird & Co. Inc., are acting as joint book managers. Meanwhile, William Blair & Company, L.L.C. and JMP Securities LLC are acting as co-managers for the offering.

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