NEW YORK (GenomeWeb News) – Exact Sciences today reported first-quarter revenues of $1 million compared to $51,000 in the first quarter of 2008.
The primary driver of that growth was license fees of almost $1 million attributable to its recent alliance with Genzyme. The Marlborough, Mass.-based molecular diagnostics firm said that the intellectual property transaction with Genzyme generated $17.2 million in cash, which will be recognized as revenue over 20 quarters as a non-cash allocation.
Exact posted a net loss of $3.8 million, or $.13 per share, compared to a net loss of $2.5 million, or $.09 per share, for the first quarter of 2008.
The company's R&D expenses fell sharply to $108,000 from $859,000 year over year, and its SG&A spending increased to $4.8 million from $1.8 million.
Exact finished the quarter with $3.6 million in cash and cash equivalents, and an additional $17 million in marketable securities.