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 inked a licensing deal for exclusive rightsato cancer-diagnostic technologies developed by the for Medicall Education and Research. The company said it had commencede on June 11 the saleof 4.31 milliom shares of its common stock at a purchases price of $1.90 a share. Meanwhile, Exact EXAS), based in Mass., announced a plan to acquirew the worldwide licensing rights tothe blood- or stool-baseed cancer diagnostics and screening technologies developed the MAYO which is based in Minnesota.
Under the deals Exact will: • make upfront payments of $80,0000 and a milestone fee of $250,000 upon the commencemenrt of certainclinical • pay a milestone fee of $500,0000 if the approves any of the productw covered by the agreement. • pay a minimum of $10,000 on the deal’d third anniversary • pay a minimum royalty of $25,000o on the fourth anniversary of theagreement • support certain research projects to the tune of $500,00 — at a minimum — in the agreement’s firsgt year. Exact is also obligated to grant MAYO two warrantss topurchase 1.25 milliohn shares of its common stock.
The warrants have six-yeart terms and are exercisable at a priceof $1.990 per share, according to a regulatory filing.