MADISON, Wis.--(BUSINESS WIRE)--Exact Sciences Corp. (Nasdaq: EXAS) today announced that it has expanded its collaboration and license agreement with Mayo Clinic.
Under an extension of the agreement Exact and Mayo Clinic announced in mid-2009, the company’s research and development collaboration with David A. Ahlquist, M.D., and his lab will be expanded to include all gastrointestinal cancers and diseases, and new cancer screening applications of stool- and blood-based testing. Exact will continue to have exclusive rights to commercialize breakthroughs that result from this collaboration.
Exact will make up-front, milestone and royalty payments to Mayo Clinic. It will continue to fund the collaborative work done in Dr. Ahlquist’s lab.
“Our collaboration with Mayo Clinic and Dr. Ahlquist has been extraordinarily productive, culminating in the Cologuard marker panel that will be used in our DeeP-C clinical trial and commercialized when it’s approved by the FDA,” said Kevin T. Conroy, Exact Sciences’ president and chief executive. “We are pleased to significantly expand our strong, fruitful relationship with Dave and his colleagues. We expect it to continue to produce breakthroughs that can positively affect patients.”
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer. The company has exclusive intellectual property protecting its noninvasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company’s website at www.exactsciences.com.
Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this news release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, anticipated results of our pivotal clinical trial, expectations concerning our ability to secure FDA approval of our Cologuard test, expected license fee revenues, expected research and development expenses, expected general and administrative expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.