Key Developments For EXACT Sciences Corporation
EXACT Sciences Corporation (EXAS.O) (Consolidated Issue listed on NASDAQ Capital Market)
EXACT Sciences Corporation Closes $8.2-Million Private Placement; Enters Into Licensing And Collaboration Agreement
EXACT Sciences Corporation announced that it has entered into a collaboration and license agreement with Mayo Clinic. The Company also announced that it has closed an $8.2-million private placement of 4.3 million shares of its common stock. The collaborative relationship with Mayo Clinic is focused on developing patient-friendly diagnostics that reduce deaths from colorectal cancer. Under the license agreement, the Company has secured exclusive rights to intellectual property developed by David Ahlquist, M.D., Mayo Clinic. The licensed patents cover advances in sample processing, analytical testing and data analysis associated with non-invasive, stool-based DNA screening for colorectal cancer. Under the license agreement, the Company will make up-front, milestone and royalty payments to Mayo Clinic, and will provide funding for future work in Dr. Ahlquist`s lab.
EXACT Sciences Corporation Announces New Management Team
EXACT Sciences Corporation announced that its Board of Directors has appointed Kevin T. Conroy as President and Chief Executive, and Maneesh K. Arora as Senior Vice President and Chief Financial Officer, effective April 2, 2009. Mr. Conroy is joining the Company's Board of Directors immediately.
EXACT Sciences Corporation Announces Issuance of Key Patent Covering Vimentin Gene For Colorectal Cancer Screening
EXACT Sciences Corporation announced that a United States patent was issued that covers the use of differentially methylated vimentin as a marker for the detection of colon cancer. The issued patent, expiring in 2024, Methods and Compositions for Detecting Colon Cancers, United States Patent No. 7,485,420, describes, in part, assays for the detection of methylation within a vimentin nucleotide sequence. Studies have demonstrated that methylation of vimentin DNA is associated with the presence of colorectal cancer.
Sequenom, Inc. Terminates Exchange Offer to Acquire EXACT Sciences Corporation
Sequenom, Inc. announced that it is terminating its exchange offer to acquire all of the outstanding shares of common stock of EXACT Sciences Corporation without accepting for exchange or exchanging any shares of EXACT Sciences common stock. Sequenom had previously announced that it would terminate the exchange offer if EXACT Sciences entered into any out-licensing agreement, collaboration or financial restructuring. Sequenom continues to be committed to building its oncology diagnostic franchise.
Sequenom, Inc. Commences Exchange Offer To Acquire EXACT Sciences Corporation
Sequenom, Inc. announced that it has commenced an exchange offer to acquire all of the outstanding shares of common stock of EXACT Sciences Corporation in an all-stock exchange valued at approximately $41 million. Each share of EXACT Sciences is exchangeable for $1.50 in the Company's common stock, subject to a 15% collar that fixes the exchange ratio if the price of Sequenom common stock used to establish the exchange ratio is more than $28.06 per share or is less than $20.74 per share.
