Exagen Inc. Announces Closing of Public Offering of Common Stock, Including Full Exercise of Underwriters’ Option to Purcha...
March 25 2021 - 4:15PM
Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune
testing solutions, today announced that it has closed its
previously announced underwritten public offering of 4,255,000
shares of its common stock, including 555,000 shares sold pursuant
to the underwriters’ full exercise of their option to purchase
additional shares, at a price to the public of $16.25 per share.
The gross proceeds to Exagen from the offering, before deducting
the underwriting discounts and commissions and other offering
expenses, were approximately $69.1 million.
Exagen intends to use the net proceeds from the proposed
offering for the development of Multi-omics capabilities, including
build out of its clinical laboratory, advancement of its product
pipeline, including to support development of tests for
fibromyalgia, RA, thrombosis and lupus nephritis, enhancement of
intellectual property protection for its technologies, and for
working capital and other general corporate purposes. Exagen may
also use a portion of the net proceeds to in-license, acquire, or
invest in complementary businesses, technologies, products or
assets; however, it has no current commitments or obligations to do
so.
Cowen, William Blair and Cantor acted as joint bookrunning
managers for the offering. Canaccord Genuity acted as bookrunning
manager for the offering. BTIG acted as lead manager for the
offering.
The securities described above were offered by Exagen pursuant
to a shelf registration statement previously filed and declared
effective by the Securities and Exchange Commission (SEC). A final
prospectus supplement and the accompanying prospectus relating to
this offering bas been filed with the SEC. Copies of the final
prospectus supplement and the accompanying prospectus relating to
this offering may be obtained from: Cowen and Company, LLC c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attn: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; or from William Blair & Company, L.L.C., Attention:
Prospectus Department, 150 North Riverside Plaza, Chicago, IL
60606, telephone: 1-800-621-0687, or by email:
prospectus@williamblair.com; or from Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York,
New York 10022, by telephone at 212-829-7122 or by email at
prospectus@cantor.com. Electronic copies of the final supplement
and accompanying prospectus will also be available on the website
of the SEC at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Exagen
Exagen is dedicated to transforming the care continuum for
patients suffering from debilitating and chronic autoimmune
diseases by enabling timely differential diagnosis and optimizing
therapeutic intervention. Exagen has developed and is
commercializing a portfolio of innovative testing products under
its AVISE brand, several of which are based on our proprietary
Cell-Bound Complement Activation Products, or CB-CAPs, technology.
Exagen’s goal is to enable providers to improve care for patients
through the differential diagnosis, prognosis and monitoring of
complex autoimmune and autoimmune-related diseases, including
rheumatoid arthritis and lupus.
Forward Looking Statements
Exagen cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on the
company’s current beliefs and expectations. Such forward-looking
statements include, but are not limited to, statements regarding
Exagen’s anticipated use of proceeds from the public offering. The
inclusion of forward-looking statements should not be regarded as a
representation by Exagen that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed public offering, as well as risks and
uncertainties inherent in Exagen’s business, including those
described in the company’s prior press releases and the Company’s
filings with the SEC, including under the heading “Risk Factors” in
the company’s Annual Report on Form 10-K and any subsequent filings
with the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and Exagen undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date hereof. All forward-looking statements are qualified
in their entirety by this cautionary statement, which is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
CONTACTS:
InvestorsWestwicke PartnersMike
CavanaughMike.Cavanaugh@westwicke.com646.677.1838
CompanyExagen Inc.Kamal Adawi, Chief Financial
Officerkadawi@exagen.com760.477.5514
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