Read the full article by Judy Newman at WI State Journal here. 

Update: Exact Sciences said Wednesday it is pricing its secondary stock offering at $35 a share, meaning it would have gross proceeds of $245 million to $281.75 million. It is expected to close by about June 12.

Exact Sciences Corp. plans to sell another 7 million to 8 million shares of common stock to expand its operations and finance product development.

No target price is listed in the prospectus filed with federal regulators Tuesday, so it’s not clear how much money could be raised.

The Madison company’s non-invasive Cologuard test to screen for colorectal cancer has been on the market nearly three years and Exact said it plans to use the proceeds of the stock sale to increase its laboratory, manufacturing and customer service capacity and to fund product development.

The company’s town of Madison lab can process about 1 million tests a year; Exact is looking into the possibility of doubling capacity there, the prospectus says. It also says Exact is “evaluating options for a second lab facility to add capacity in excess of 2 million tests per year.” Exact said in April it expects to complete 470,000 tests this year.

The prospectus also mentions additional screening tests Exact is working on with the Mayo Foundation for Medical Education and Research. “We have successfully performed validation studies on tissue samples for seven major cancers, including lung cancer, and on blood samples for four major cancers,” the company says.

Exact Sciences had nearly 111.2 million shares of common stock outstanding as of April 29. The secondary offering, to be underwritten by Jefferies, BofA Merrill Lynch, and Robert W. Baird & Co., would sell 7 million shares, or as many as 8.05 million if there is enough demand.

Exact stock — which recently hit a record $38.92 a share — closed Tuesday at $36.59, down 48 cents, or 1.3 percent, from Monday’s close.