Exact Sciences raises $178.5M in follow-on

Exact Sciences Corp. (NASDAQ:EXAS) raised $178.5 million through the sale of 7 million shares at $25.50 in a follow-on underwritten by Jefferies and Baird. The company proposed the offering after market close Monday, when its shares were valued at $27.03. Exact Sciences lost $1.88 to $25.15 on Tuesday.

On Monday, the company said 2Q15 sales of colorectal cancer screening test Cologuard were $8.1 million, up from $4.3 million in 1Q15. Last August, FDA approved the non-invasive stool DNA test that utilizes a multiplexed quantitative Invader assay for the simultaneous detection of methylated and unmethylated sequences in the promoter region of the vimentin (VIM) gene. ...