Exagen Inc (XGN) Prices 3.7M Share Common Offering at $16.25/Sh

Exagen Inc. (NASDAQ: XGN), a leading provider of autoimmune testing solutions, today announced the pricing of an underwritten public offering of 3,700,000 shares of its common stock at a price to the public of $16.25 per share. All of the shares to be sold in the offering are to be sold by Exagen. The gross proceeds to Exagen from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be $60.1 million. In addition, Exagen has granted the underwriters a 30-day option to purchase up to an additional 555,000 shares of common stock. The offering is expected to close on or about March 25, 2021, subject to the satisfaction of customary closing conditions.

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 are acting as joint bookrunning managers for the offering. Canaccord Genuity is also acting as bookrunning manager for the offering. BTIG is acting as lead manager for the offering.

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