Exact Sciences Raises $174M, Nearly Doubles War Chest For Diagnostics
Summary
Madison, WI-based Exact (NASDAQ: EXAS) said it expects to earn about $174 million this week in a stock offering, after deducting expenses and underwriting discounts.The money gives Exact plenty of breathing room as it continues spending on sales and marketing for Cologuard, its stool-based DNA test for detecting colorectal cancer, which was approved by the FDA and received Medicare coverage last year.But for now, “this is ensuring we continue to have a strong financial balance sheet to maintain a long runway as we develop this pipeline of products,” Exact spokesman J.P. Fielder said in an interview.The capital raise shows Exact likes to aggressively go on the offensive to keep its finances healthy, William Blair financial analysts said in a report to investors this week.“However, with the company fully funding the Cologuard rollout and all key R&D projects, we would not expect this cash to result in any incremental spending for the time being.” William Blair rates Exact’s stock as “outperform.”
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