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Exagen to raise up to $57.5M in IPO to fund research

Exagen Inc. is planning to raise as much as $57.5 million from an IPO.

Exagen applied to list its common shares on the Nasdaq Global Market under the ticker symbol XGN.

The Vista, Calif.-based diagnostic test kit manufacturer said it will use the proceeds for sales and marketing, research and development and other general corporate purposes.

Exagen develops and makes diagnostic products that detect lupus and rheumatoid arthritis.

Cowen and Company LLC, Cantor Fitzgerald & Co. and William Blair & Co. LLC are joint book-running managers for the offering.