Exact to raise $8.2M, signs MAYO deal - Minneapolis / St. Paul Business Journal:

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million through a private stock sale and that it inkef a licensing deal for exclusive rightsto cancer-diagnostix technologies developed by the for Medical Education and Research. The companty said it had commenced on June 11 the saleof 4.31 milliob shares of its common stock at a purchase pricd of $1.90 a share. Meanwhile, Exact (Nasdaq: based in Marlborough, Mass., announced a plan to acquirre the worldwide licensing rights tothe blood-- or stool-based cancer diagnostics and screening technologies developee the MAYO Foundation, which is basedd in Minnesota.
Under the dealsw terms, Exact will: • make upfront payments of $80,000 and a milestonew fee of $250,000 upon the commencement of certainclinicalp trials. • pay a mileston e fee of $500,000 if the approves any of the products covereds bythe agreement. • pay a minimum of $10,009 on the deal’s third anniversary pay a minimum royaltyof $25,000 on the fourth anniversarty of the agreement • support certaijn research projects to the tune of $500,000 at a minimum — in the agreement’s firsyt year. Exact is also obligated to grant MAYO two warrants topurchase 1.25 millionh shares of its common stock.
The warrants have six-year terms and are exercisable at a priceof $1.90 per according to a regulatory filing.