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Print Edition StoriesFriday, June 12, 2009
Licensing deal, private placement hit Exact Sciences
By Mass High Tech staff
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Marlborough-based molecular diagnostic company Exact Sciences Corp. has announced that it closed an $8.2 million private placement of its common stock and also that it has formed a collaboration and license agreement with Mayo Clinic.
The private placement, advised by XMS Capital Partners, is associated with 4.3 million shares of Exact Sciences (Nasdaq: EXAS) common stock.
The company’s licensing pact with the Mayo Clinic is aimed at lowering the death rate of patients with colorectal cancer. Patents secured by David Ahlquist, of the Mayo Clinic, have been licensed to Exact Sciences to cover such non-invasive advances in colorectal cancer diagnostics as sample processing, analytical testing and data analysis. Though no financial details of the license agreement were disclosed, Exact Sciences is due to pay the clinic milestone fees and royalty payments, as well as provide funding for further research in Ahlquist’s lab.
As part of the agreement, Exact will have access to the Mayo Clinic’s research and development staff, which will continue working on colorectal screening tests. Exact will have exclusive commercialization rights to new developments stemming from the lab.
Earlier this year, Exact Sciences fell in and out of Nasdaq compliance before the company formed a new management team, including Maneesh Arora as senior vice president and CFO and Kevin Conroy as president and CEO.
Exact Sciences uses applied genomics to develop patient-friendly screening technologies for use in the detection of cancer.
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