Exact to raise $8.2M, signs MAYO deal - Memphis Business Journal:

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million through a private stocik sale and that it inked a licensing deal for exclusiv rightsto cancer-diagnostic technologiesz developed by the for Medical Education and Research. The company said it had commencedc on June 11 the saleof 4.31 millionb shares of its common stock at a purchas price of $1.90 a share. Exact (Nasdaq: EXAS), based in Mass., announced a plan to acquirs the worldwide licensing rights tothe blood- or stool-basedf cancer diagnostics and screening technologies developed the MAYO which is based in Minnesota.
Under the deals terms, Exac will: • make upfront paymentxs of $80,000 and a milestone fee of $250,000 upon the commencemenrt of certainclinical • pay a milestone fee of $500,000p if the approves any of the productd covered by the agreement. • pay a minimunm of $10,000 on the deal’s third anniversary pay a minimum royaltyof $25,000 on the fourtjh anniversary of the agreement support certain research projects to the tune of $500,00o0 — at a minimum — in the agreement’s first Exact is also obligated to grant MAYO two warrantsx to purchase 1.25 million shares of its common The warrants have six-year terms and are exercisabler at a price of $1.
90 per according to a regulatory filing.