Published: April 14, 2010
Exact Sciences Announces Pricing of Common Stock Offering
MADISON, Wis. - (BUSINESS WIRE) - Exact Sciences Corp. (Nasdaq: EXAS) announced today that it priced an
underwritten public offering of 4,200,000 shares of common stock at a
price of $4.50 per share to the public. The company has granted the
underwriter in the offering an option to purchase up to 630,000
additional shares of common stock at the same price per share to cover
any over-allotments. The number of shares in the offering represents an
increase of 20%, or an additional 700,000 shares, from the previously
announced offering size of 3,500,000 shares of common stock, and the
number of shares in the underwriter's over-allotment option was likewise
increased by 20% from the previously announced number. The public
offering of the shares is expected to close on April 19, 2010.
Assuming no exercise of the underwriter's over-allotment option, the
company expects to receive net proceeds from the offering of
approximately $17.6 million after deducting the underwriting discount
and estimated expenses of the offering payable by the company.
The company expects to use the net proceeds from the offering for
general corporate and working capital purposes, including the funding of
strategic initiatives that the company may undertake from time to time,
for product development and the furtherance of the company's efforts to
obtain FDA clearance of its sDNA colorectal cancer screening product.
Robert W. Baird & Co. acted as underwriter for the offering and XMS
Capital Partners LLC acted as financial advisor for the company in
connection with the offering. The offering is being made only by means
of a prospectus and related prospectus supplement, copies of which may
be obtained from the offices of Robert W. Baird & Co. Incorporated, 777
E. Wisconsin Ave., 28th Floor, Milwaukee, WI 53202-5391, or by calling
1-800-792-2413. Electronic copies of the prospectus and the prospectus
supplement are available on the Securities and Exchange Commission's Web
site at www.sec.gov.
The shares are being offered pursuant to an effective registration
statement. This news release does not constitute an offer to sell these
securities or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused on
colorectal cancer. The company has exclusive intellectual property
protecting its non-invasive, molecular screening technology for the
detection of colorectal cancer. Stool-based DNA technology is included
in the colorectal cancer screening guidelines of the American Cancer
Society and the U.S. Multi-Society Task Force on Colorectal Cancer.
Certain statements made in this news release contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which are based
on certain assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of forward-looking
terms such as "believe," "expect," "may," "will," "should," "could,"
"seek," "intend," "plan," "estimate," "anticipate," "goal," or other
comparable terms. Forward-looking statements in this news release may
address the following subjects among others: statements regarding our
intended use of proceeds from the underwritten public offering.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in the
forward-looking statements, as a result of various factors including
those risks and uncertainties described in the Risk Factors and in
Management's Discussion and Analysis of Financial Condition and Results
of Operations sections of our most recently filed Annual Report on Form
10-K, as well as those risks and uncertainties described in the Risk
Factors section of the prospectus and related prospectus supplement
referenced above. We urge you to consider those risks and uncertainties
in evaluating our forward-looking statements. We caution readers not to
place undue reliance upon any such forward-looking statements, which
speak only as of the date made. Except as otherwise required by the
federal securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in our
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
Maneesh K. Arora
Chief Financial Officer, Exact Sciences Corp.
608-284-5720
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