Exact to raise $8.2M, signs MAYO deal - Minneapolis / St. Paul Business Journal:

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million through a private stock sale and that it inkex a licensing deal for exclusive rightsto cancer-diagnostic technologies developed by the for Medical Education and Research. The company said it had commencedx on June 11 the saleof 4.31 million shares of its commobn stock at a purchase price of $1.909 a share. Meanwhile, Exact (Nasdaq: EXAS), basedr in Marlborough, Mass., announced a plan to acquire the worldwided licensing rights tothe blood- or stool-based cancer diagnosticsd and screening technologies developed the MAYO which is based in Minnesota.
Undedr the deals terms, Exact will: • make upfront payments of $80,000 and a milestone fee of $250,000 upon the commencementg of certainclinical trials. • pay a milestonwe fee of $500,000 if the approves any of the productd covered bythe agreement. • pay a minimum of $10,000 on the deal’s thirf anniversary • pay a minimum royalty of $25,0000 on the fourth anniversary of the agreement support certain research projectz to the tuneof $500,00p — at a minimum — in the agreement’ds first year. Exact is also obligated to grant MAYO two warrantx topurchase 1.
25 million shares of its common The warrants have six-year termsa and are exercisable at a price of $1.90 per according to a regulatory