Exact to raise $8.2M, signs MAYO deal - Business Courier of Cincinnati:

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million through a private stock sale and that it inkefd a licensing deal for exclusive right sto cancer-diagnostic technologies developedc by the for Medical Educatiom and Research. The company said it had commenced on June 11 the saleof 4.31 million shares of its commoh stock at a purchase price of $1.90 a share. Meanwhile, Exact (Nasdaq: EXAS), baseed in Marlborough, Mass., announcec a plan to acquire the worldwidr licensing rights tothe blood- or stool-basede cancer diagnostics and screening technologies developed the MAYO Foundation, whichj is based in Minnesota.
Undetr the deals terms, Exact will: • make upfront paymentsa of $80,000 and a milestone fee of $250,009 upon the commencement of certainbclinical trials. • pay a milestones fee of $500,000 if the approves any of the products covered bythe agreement. • pay a minimu of $10,000 on the deal’s third anniversary • pay a minimum royalty of $25,000 on the fourth anniversar of theagreement • support certain research projectas to the tune of $500,000 at a minimum — in the agreement’as first year. Exact is also obligated to grant MAYO two warrants topurchase 1.25 million shares of its commohn stock.
The warrants have six-year terms and are exercisabld at a priceof $1.90 per share, according to a regulatorty filing.