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Print Edition StoriesThursday, June 18, 2009
Exact Sciences to move HQ to Wisconsin
By Mass High Tech staff
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Molecular diagnostics firm Exact Sciences Corp. has received a $1 million loan from the Wisconsin Department of Commerce to relocate its headquarters and operations from Marlborough to Madison, Wis.
The company expects to make a significant investment in its relocated operations, creating as many as 150 jobs over five years, as it achieves its commercial milestones, Gov. Jim Doyle said Thursday in announcing the loan award, the Milwaukee Business Journal reported.
Exact Sciences (Nasdaq: EXAS) is developing a screening technology for colorectal cancer and is led by president and CEO Kevin Conroy, the former chief executive of Madison, Wis.-based molecular diagnostics firm Third Wave Technologies Inc. In March, Exact Sciences also tapped Third Wave veteran Maneesh Arora as senior vice president and chief financial officer. Third Wave was acquired last year by Bedford-based Hologic Inc., a women’s health company. Prior to the new management appointments at Exact Sciences, the company had fallen in and out of Nasdaq compliance.
Exact Sciences will use its loan for equipment and working capital related to the relocation.
Earlier this week, Exact Sciences announced that it closed an $8.2 million private placement of its common stock. The company also announced that it had formed a collaboration and license agreement with Mayo Clinic.
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