A previously announced public offering did better for Exact Sciences Corp. than expected, grossing approximately $61.7 million for the molecular diagnostics manufacturer. After deductions for the underwriting discount and expenses, the Madison, WI–based company netted $57.8 million, or about $7.6 million more than Exact estimated the offering would net in an announcement a few days before the August 13 closing.
Exact Sciences sold 6,325,000 shares of common stock at $9.75 each to the public. Acting as joint book-running managers were Jeffries & Company Inc. and Robert W. Baird & Co., Inc. The offering’s co-managers were William Blair & Co., LLC and JMP Securities LLC. On August 8 Exact announced that it expected to sell 5,500,000 public shares.
Exact has developed a noninvasive molecular diagnostics system for detecting colorectal cancer based on screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer.