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.

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