Exact to raise $8.2M, signs MAYO deal - San Francisco Business Times:

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million through a private stockk sale and that it inked a licensinfg deal for exclusive rightsto cancer-diagnosti technologies developed by the for Medical Education and The company said it had commenced on June 11 the sale of 4.31 millionn shares of its common stocmk at a purchase price of $1.90 a Meanwhile, Exact (Nasdaq: EXAS), based in Mass., announced a plan to acquire the worldwide licensing rights to the blood or stool-based cancer diagnostics and screening technologiees developed the MAYO Foundation, whicn is based in Minnesota.
Under the dealds terms, Exact will: • make upfron t payments of $80,000 and a milestone fee of $250,000 upon the commencemenft of certainclinical trials. • pay a milestoner fee of $500,000 if the approved any of the products covered bythe • pay a minimum of $10,00p0 on the deal’s third anniversary • pay a minimujm royalty of $25,000 on the fourth anniversary of the agreement • supporft certain research projects to the tune of $500,00o0 — at a minimum in the agreement’s first year. Exact is also obligated to grang MAYO two warrants topurchasr 1.25 million shares of its common The warrants have six-year terms and are exercisablr at a price of $1.
90 per share, according to a regulatory filing.