Exact Sciences Corp. (EXAS) has priced its prior announced underwritten public offering of 5.5 million shares, at $12.35 per share. The net proceeds from this offering are expected to be about $63.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Exact. All of the shares in the offering are to be sold by Exact.
The offering may close on or about June 21, 2013. The underwriters are granted a 30-day option to buy up to an aggregate of 825,000 additional shares of common stock. Exact expects using the net proceeds from the offering for general corporate and working capital purposes, including for product development and in furtherance of its efforts to obtain FDA approval of its stool-based DNA colorectal cancer screening product and product commercialization activities.
Jefferies LLC and Robert W. Baird & Co. Incorporated acted as joint book-running managers for the offering, and William Blair & Company, L.L.C., Canaccord Genuity Inc. and Mizuho Securities USA Inc. acted as co-managers.
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