Exact Sciences to hold secondary stock sale

By Judy Newman, Wisconsin State Journal

Exact SciencesExact Sciences Corp. plans to sell another 7 million to 8 million shares of common stock to expand its operations and finance product development.

No target price is listed in the prospectus filed with federal regulators Tuesday, so it’s not clear how much money could be raised.

The Madison company’s non-invasive Cologuard test to screen for colorectal cancer has been on the market nearly three years and Exact said it plans to use the proceeds of the stock sale to increase its laboratory, manufacturing and customer service capacity and to fund product development.

The company’s town of Madison lab can process about 1 million tests a year; Exact is looking into the possibility of doubling capacity there, the prospectus says. It also says Exact is “evaluating options for a second lab facility to add capacity in excess of 2 million tests per year.” Exact said in April it expects to complete 470,000 tests this year. Read more …

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