Madison-based Exact Sciences Corp. today announced the pricing of its previously announced underwritten public offering of 5.5 million shares of its common stock, offered at a price of $12.35 per share.
The net proceeds to Exact from the offering are expected to be approximately $63.7 million, after deducting underwriting discounts and commissions and other estimated offering expenses.
All of the shares in the offering are to be sold by Exact.
The offering is expected to close on or about June 21, subject to the satisfaction of customary closing conditions. 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 product development.
Exact is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer.
Jefferies LLC and Milwaukee-based Robert W. Baird & Co. Inc. acted as joint book-running managers for the offering, and William Blair & Company LLC, Canaccord Genuity Inc. and Mizuho Securities USA Inc. acted as co-managers.