Biotech, Diagnostics, Financing

Exact Sciences raises $137.7 million in public offering financing

Posted on 15 April 2014

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Exact Sciences has completed a secondary stock offering, selling 11.5 million shares of common stock.

The transaction, which includes an extra 1.5 million shares sold through the underwriters' option to buy additional stock, will give the Madison company $137.7 million in net proceeds.

The money is expected to be used to work toward Food & Drug Administration approval of Cologuard, Exact Sciences' non-invasive, stool-based, DNA test for colorectal cancer, currently under FDA review.

It will also go for commercializing Cologuard, if approved, and developing additional products.

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