Exact Sciences launches public offering of 3.5 million shares

Exact Sciences launches offering of 3.5M shares

MADISON, Wis. — Exact Sciences Corp. said Tuesday that it began an underwritten public offering of 3.5 million common shares.

The cancer test developer said it also plans to grant its underwriter, Robert W. Baird & Co., an option to buy as many as 525,000 additional shares at the same per-share price to cover any over-allotments.

Exact Sciences plans to use offering proceeds for general corporate purposes.

Exact Sciences shares slid 4 cents to close at $4.69. In aftermarket activity, they slid another 14 cents, or 3 percent, to $4.55.