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Exagen prices $50.4M Nasdaq IPO at lower end of expected range

Exagen Inc. priced its IPO of 3.6 million common shares at $14 per share — the lower end of a previously announced range.

The Vista, Calif.-based company — which develops diagnostic products for detecting lupus and rheumatoid arthritis — previously said it plans to price the IPO at between $14 and $16 per share.

Exagen also granted underwriters a 30-day option to buy up to an additional 540,000 common shares at the same price.

The company expects $50.4 million in gross proceeds from the offering. The company previously said it 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.

Part of the proceeds will also be used for working capital purposes and other general corporate purposes.

Exagen's common stock is expected to be traded on the Nasdaq Global Market on Sept. 19 under the XGN ticker symbol. The IPO is expected to close on Sept. 23.

Cowen and Co. LLC, Cantor Fitzgerald & Co. and William Blair & Co. LLC are acting as joint book-running managers for the offer.