Exact Sciences Corp. (Nasdaq: EXAS), a molecular diagnostics company,has priced public offering of 3.125 million shares at $8 apiece, a 4.6percent discount to Monday's close.
In Tuesday's pre-market trading, shares of the Madison, Wisconsin-based company dropped 4.6 percent to $8.00.
The company expects to use net proceeds of around $23.6 million forproduct development and in furtherance of its efforts to obtain FDAclearance of its sDNA colorectal cancer screening product and productcommercialization activities.
Exact said it has granted the underwriters a 30-day option topurchase up to an aggregate of 468,750 additional shares of common stockto cover over-allotments, if any.
The company is focused on developing a molecular diagnostic screeningtechnology for the early detection and prevention of colorectalpre-cancer and cancer. The company develops Cologuard, a stool-based DNAcolorectal cancer screening test that is designed to detect each of thefour stages of colorectal cancer, as well as pre-cancerous lesions.
EXAS, which has been trading in the 52-week range between $4.91 and $9.45, closed Monday's regular trading session at $8.39.
{$end}
No comments:
Post a Comment