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Diagnostics company Exagen sets price range for Nasdaq IPO

Exagen Inc. set the price range of its Nasdaq IPO at between $14 and $16 per share.

The Vista, Calif.-based company — which develops diagnostic products for detecting lupus and rheumatoid arthritis — is led by President and CEO Fortunato Ron Rocca.

Exagen is offering 3,333,334 common shares and expects to raise about $44.2 million in net proceeds at an assumed price of $15 per share. The company has applied to list its common stock on the Nasdaq Global Market under the symbol XGN.

The company said certain existing stockholders, including entities affiliated with certain directors, may buy about $12 million worth of shares in the IPO.

Cowen and Co. LLC, Cantor Fitzgerald & Co. and William Blair & Co. LLC are acting as joint book-running managers for the offering. The underwriters have been granted a 30-day option to buy up to an additional 500,000 common shares. Exagen will raise about $51.2 million in net proceeds, assuming a per-share price of $15, if the underwriters exercise their option in full.

Exagen said in a regulatory filing that the main purpose of the offering was to obtain additional capital to support operations, to create a public market for its shares and to gain access to the public equity markets.

The company plans to use the net proceeds for selling and marketing activities and for research and development activities, including the expansion of its Avise product portfolio. The remaining funds will be used for working capital purposes and other general corporate purposes. Funds may also be used for acquisitions or investments, though currently, the company has no such commitments.