BRIEF: Exact Sciences expects to raise 50 million through additional stock offering
Aug 08, 2012 (Menafn - The Wisconsin State Journal - McClatchy-Tribune Information Services via COMTEX) --Publicly traded Exact Sciences Corp., Madison, is offering 5.5 million shares of common stock at 9.75 a share, the company announced Wednesday.
Net proceeds of the secondary offering are expected to be about 50.2 million, which the company plans to use for general corporate and working capital purposes, including furthering Exact Science's efforts to get Food and Drug Administration approval of Cologuard, its noninvasive screening test for colorectal cancer.
Investment firms handling the offering, Jefferies & Co. and Robert W. Baird & Co., with co-managers William Blair & Co. and JMP Securities, will have a 30-day option to buy an additional 825,000 shares.
Exact Sciences shares were trading at about 10 at mid-morning Wednesday.
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