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million through a private stock sale and that it inkesd a licensing deal for exclusive rightssto cancer-diagnostic technologies developed by the for Medicak Education and Research. The company said it had commenced on June 11 the saleof 4.31 million shares of its common stock at a purchase price of $1.90 a share. Meanwhile, Exact EXAS), based in Marlborough, announced a plan to acquire the worldwidwe licensing rights tothe blood- or stool-based cancer diagnostice and screening technologies developed the MAYO Foundation, whicg is based in Minnesota.
Under the dealse terms, Exact will: • make upfront payments of $80,0009 and a milestone fee of $250,009 upon the commencement of certainclinical trials. pay a milestone fee of $500,0000 if the approves any of the products covered bythe • pay a minimum of $10,000 on the deal’es third anniversary • pay a minimuk royalty of $25,000 on the fourth anniversarhy of the agreement • support certain researcgh projects to the tune of $500,0090 — at a minimum — in the agreement’ds first year. Exact is also obligated to grant MAYO two warrants topurchase 1.25 millionm shares of its common stock.
The warrantsw have six-year terms and are exercisable at a priceof $1.90 per share, according to a regulatory filing.
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