NEW YORK (GenomeWeb News) - Exact Sciences said today that it has signed a deal with the Mayo Clinic for exclusive rights to intellectual property related to stool-based screening for colorectal cancer.
The company said that it has also closed an $8.2 million private placement of 4.3 million shares of its common stock.
Exact gained exclusive rights to technology developed by the Mayo Clinic's David Ahlquist relating to sample processing, analytical testing, and data analysis for non-invasive, stool-based DNA screening for colorectal cancer.
Under the terms of the agreement, Exact will make up-front, milestone, and royalty payments to Mayo, and will provide funding for future work in Ahlquist's lab. Additional financial terms were not disclosed.
The company has also agreed to collaborate with Ahlquist's laboratory in the area of colorectal screening. Exact said it holds exclusive rights to commercialize any results of the collaboration.