NEW YORK (GenomeWeb News) – Exact Sciences today reported a sharp increase in its revenues for the third quarter and cut its net loss by two-thirds year over year.
The Madison, Wis.-based molecular diagnostics firm reported total revenues of $1.3 million for the three-month period ended Sept. 30. It brought in product royalty revenues of $9,000 and license fees of $1.2 million, compared to license fees of $337,000 in the third quarter of 2008. In addition, in last year's third quarter the company paid out $1 million in royalty fees.
Exact Sciences' net loss for the quarter was $1 million, or $.03 per share, compared to a loss of $3 million, or $.11 per share, in Q3 2008.
The company's R&D spending increased to $837,000 from $577,000 year over year, while its SG&A spending increased to $1.5 million from $1.3 million.
Exact finished the quarter with $22.8 million in unrestricted cash and cash equivalents and $4.2 million in short-term investments.
Early in 2009, Exact sold to Genzyme certain intellectual property assets related to the fields of prenatal and reproductive health in a deal providing the firm with a cash infusion of $24.5 million. The alliance enabled it to fend off a hostile takeover attempt by Sequenom.
Since then, it hired former Third Wave Technologies CEO Kevin Conroy to take over as president and CEO of the firm. Last week, Exact licensed from Third Wave, which is now a subsidiary of Hologic, the Invader plus and real-time Invader detection chemistries for colorectal screening applications.
The firm is working on bringing to market a stool-based DNA screening assay for colorectal cancer.
In Tuesday afternoon trade on the Nasdaq, Exact's shares were down 3 percent at $2.39.