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Exact Sciences' Q1 Revenues Up on Genzyme Payment; Cuts Loss

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences today reported a 30 percent increase for its first-quarter revenues, a result of the quarterly payment to the firm from Genzyme.

The Madison, Wis.-based molecular diagnostics developer had total revenues of $1.3 million for the three-month period ended March 31, compared to $1 million for the first quarter of 2009. In both periods, nearly the total amount came from license fees. Exact Sciences beat analysts' consensus expectation of $1.2 million in revenues for Q1 2010.

In January 2009, Exact Sciences sold to Genzyme certain intellectual property assets related to the fields of prenatal and reproductive health in a deal that is expected to provide the firm with a total cash infusion of $24.5 million.

Exact Sciences' net loss for the quarter was $2.1 million, or $.06 per share, compared to $3.8 million, or $.13 per share, for Q1 2009. It missed analysts' consensus expectation by a penny.

Its R&D expenses increased to $1.8 million from $108,000, as it stepped up development of its colorectal cancer screening test and increased personnel costs. The firm's SG&A expenses dropped sharply to $1.6 million from $4.8 million, which it said was due to costs associated with the Genzyme transaction and severance and stock option expense related to management changes at the firm.

Exact Sciences finished the quarter with $18.2 million in cash and cash equivalents and $4.2 million in marketable securities.

Since the end of the first quarter, the firm has raised net proceeds of $17.6 million from a public offering of 4.2 million shares of common stock.

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