Exact Sciences (company)

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Exact Sciences Corporation
Public
Traded asNASDAQEXAS
Russell 1000 Index component
IndustryMolecular diagnostics
Founded1995; 25 years ago (1995) in Marlborough, Massachusetts
HeadquartersMadison, Wisconsin, U.S.
Key people
Kevin Conroy
(Chairman, President & CEO)
Graham Lidgard
(Chief Science Officer)[1][2] [3][4][5]
ProductsCologuard
Number of employees
2,268 (2018)
Websiteexactsciences.com

Exact Sciences Corp. is a molecular diagnostics company with an initial focus on the early detection and prevention of colorectal cancer. Exact Sciences Corp. launched Cologuard in 2014, the first stool DNA test for colorectal cancer.[6] The company was founded in 1995 in Marlborough, Massachusetts, but today it is headquartered in Madison, Wisconsin.[7]

History[edit]

In January 2001, the company had its initial public offering on NASDAQ.[8][9][10]

In March 2009, Kevin Conroy joined Exact Sciences as CEO & president.[11]

In June 2009, Exact Sciences and the Mayo Clinic established a mutual collaboration and licensing agreement.[12] [13]

In August 2014, Cologuard received premarket approval from the Food and Drug Administration[14]

In August 2017, Exact Sciences purchased Sampleminded, a healthcare information technology company based in Salt Lake City, Utah, for $3.2 million. [15]

In January 2018, during the J.P Morgan Healthcare Conference, Exact Sciences announced its purchase of Armune Bioscience, a cancer diagnostic developer based out of Kalamazoo and Ann Arbor, Michigan.[16] Third-quarter financial reports revealed the price of the Armune Bioscience acquisition to be valued at $12 million, plus $17.5 million in incentives for certain milestones. [17]

In January 2018, Exact Sciences completed a $690 million convertible bond offering.[18]

In October 2018, Exact Sciences announced the acquisition of Biomatrica, a developer of sample preservation technology based in San Diego, California.[19][20][21] Financial reports revealed the purchase price to be $20 million with an additional $20 million in incentives for certain milestones.

In June 2019, Exact Sciences opened a new lab and warehouse with 169,000 square feet to expand its Cologuard test. [22]

In July 2019 in its largest acquisition yet, Exact Sciences announced its intention to buy Genomic Health, a genetic cancer detection company based in Redwood City, California, for $2.8 billion. [23][24][25]

Products[edit]

In August 2014, the U.S. Food and Drug Administration (FDA) approved the company’s at-home multitarget stool DNA screening test called Cologuard, for the detection of colorectal cancers and pre-cancers.[26][27][28][29][30] This test has a false positive rate of 13%.[31] Pipeline products include esophageal, breast, lung, liver, and pancreatic cancer testing.[32]

Partnerships[edit]

Since 2009, Exact Sciences has maintained a collaboration with Mayo Clinic for its current and future products.[33] In 2009, Exact Sciences also completed a licensing agreement with Hologic for its molecular detection platform. [34] In April of 2017, Exact Sciences and MDxHealth agreed to share technology on a variety of epigenetics and molecular diagnostics applications for 5 years.[35] In August of 2018, Exact Sciences and Pfizer Inc. announced an agreement through 2021 to co-promote Cologuard.[36] In November of 2018, Exact Sciences announced a partnership with Epic Systems for order entries.[37]

References[edit]

  1. ^ "EXACT Sciences Announces New Management Team". Businesswire. 18 Mar 2009. Retrieved 30 Jul 2019.
  2. ^ "EXACT Sciences Corporation Announces New Management Team". Biospace. 19 Mar 2009. Retrieved 30 July 2019.
  3. ^ "Exact Sciences Announces Appointment of Diagnostics Veteran Graham Lidgard as Chief Scientific Officer". Businesswire. 3 Aug 2009. Retrieved 30 Jul 2019.
  4. ^ "EXACT Sciences Corporation Announces Appointment of Diagnostics Veteran Graham Lidgard as Chief Scientific Officer". Biospace. 4 Aug 2009. Retrieved 30 Jul 2019.
  5. ^ "Graham Lidgard Chief Science Ofcr, Exact Sciences Corp". Bloomberg. Retrieved 20 Jun 2018.
  6. ^ Newman, Judy (31 Aug 2014). "Exact Sciences' Cologuard cancer test debuts". Madison. Retrieved 30 Jul 2019.
  7. ^ McBride, Ryan (18 Jun 2009). "Exact Sciences Moving to Wisconsin". Xconomy. Retrieved 9 Sep 2015.
  8. ^ "EXACT SCIENCES CORP (EXAS) IPO". Nasdaq. 31 Jan 2001. Retrieved 30 Jul 2019.
  9. ^ "EXAS". Crunchbase. 31 Jan 2001. Retrieved 30 Jul 2019.
  10. ^ Hennessey, Raymond (1 Feb 2001). "Exact Sciences IPO Gains, Breaks Price-Cutting Trend". WSJ. Retrieved 30 Jul 2019.
  11. ^ "Exact Sciences Corp". Bloomberg. Retrieved 20 Jun 2018.
  12. ^ "EXACT Sciences Corporation Closes $8.2-Million Private Placement, Enters Into Licensing and Collaboration Agreement". Biospace. 12 Jun 2009. Retrieved 29 Jul 2019.
  13. ^ "Exact Sciences Licenses Mayo Clinic IP; Closes $8.2M Placement". GenomeWeb. 12 Jun 2009.
  14. ^ "Premarket Approval (PMA)". FDA. 13 Aug 2014. Retrieved 29 Jul 2019.
  15. ^ "Sampleminded acquired by Exact Sciences". crunchbase. 1 Aug 2017. Retrieved 29 Jul 2019.
  16. ^ Sarah, Stevenson (26 Jan 2018). "Armune Bio's Cancer Detection Tech Finds New Home with Exact Sciences". Xconomy. Retrieved 29 Jul 2019.
  17. ^ Newman, Judy (3 Nov 2018). "Exact Sciences signs deal with Epic Systems, hikes sales, widens losses". Madison. Retrieved 29 Jul 2019.
  18. ^ "XMS Capital Partners Serves as Financial Advisor to Exact Sciences on $600 Million Convertible Notes Offering" (Press release). 24 Jan 2018.
  19. ^ Buchanan, Jeff (18 Oct 2018). "Exact Sciences Acquires San Diego Lab Equipment Supplier Biomatrica". Xconomy. Retrieved 30 Jul 2019.
  20. ^ "Exact Sciences Acquires Sample Preservation Technology Provider Biomatrica". 360dx. 18 Oct 2018. Retrieved 30 Jul 2019.
  21. ^ House, Douglas (18 Oct 2018). "Exact Sciences acquires Biomatrica". seekingalpha. Retrieved 29 Jul 2019.
  22. ^ Williams, Nick (27 Jun 2019). "Exact Sciences opens new lab in Madison to process Cologuard test". bizjournals. Retrieved 29 Jul 2019.
  23. ^ "Exact Sciences to buy Genomic Health for $2.8 billion". CNBC. 29 Jul 2019. Retrieved 29 Jul 2019.
  24. ^ Feroldi, Brian (29 Jul 2019). "Why Exact Sciences Is Sinking and Genomic Health Is Rising". Fool. Retrieved 29 Jul 2019.
  25. ^ Flanagan, Cristin; Ahmed, Nabila (29 Jul 2019). "Exact Sciences to Buy Genomic Health for About $2.8 Billion". Bloomberg. Retrieved 29 Jul 2019.
  26. ^ Philippidis, Alex (13 Aug 2014). "FDA Approves First Noninvasive Colorectal Cancer Test". Clinicalomics. Retrieved 30 Jul 2019.
  27. ^ "FDA Approves First Non-invasive DNA Screening Test for Colorectal Cancer". esmo. 13 Aug 2014. Retrieved 30 Jul 2019.
  28. ^ Warren, Rachel (13 Aug 2014). "FDA Approves DNA Screening Test for Colorectal Cancer". CancerNetwork. Retrieved 30 Jul 2019.
  29. ^ Edney, Anna (12 Aug 2014). "Exact Sciences Wins U.S. Approval for Colon Cancer Test". Bloomberg. Retrieved 9 Sep 2015.
  30. ^ Schattner, Elaine (6 Mar 2015). "For Colon Cancer Screening, Cologuard Test Offers A Solid New Option". Forbes. Retrieved 9 Sep 2015.
  31. ^ Fisher, Deborah (31 Aug 2014). "Facts, Myths, and the Stool DNA Test". Medpagetoday. Retrieved 29 Jul 2019.
  32. ^ "What's in the Pipeline Right Now". ExactSciences. Retrieved 29 Jul 2019.
  33. ^ "Exact Sciences Advances Pipeline Capabilities with Mayo Clinic". prnewswire. 20 May 2019. Retrieved 29 Jul 2019.
  34. ^ "Exact Sciences licenses Hologic's Invader diagnostics line". massdevice. 23 Oct 2009. Retrieved 29 Jul 2019.
  35. ^ "MDxHealth, Exact Agree to Collaborate on Epigenetics and MDx". genengnews. 17 Apr 2017. Retrieved 29 Jul 2019.
  36. ^ "Xconomy: Exact Sciences Shares Rise After Company Unveils Pfizer Partnership". Xconomy. 22 Aug 2018. Retrieved 21 May 2019.
  37. ^ Spitzer, Julie (12 Nov 2018). "Epic signs agreement with Exact Sciences: 4 things to know". beckershospitalreview. Retrieved 29 Jul 2019.