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Exact Sciences Posts Flat Q2 Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences today reported flat year-over-year second-quarter revenues and a slight increase in its net loss, as the firm continues studies of its stool-based DNA test for colorectal cancer.

The Madison, Wis.-based molecular diagnostics firm brought in a total of $1.3 million in revenues for the three-month period ended June 30, roughly flat with the second quarter of 2009. Almost the entirety of revenues came from license fees.

Exact's net loss for the quarter was $2.5 million, or $.06 per share, compared to a net loss of $2.4 million, or $.08 per share, for Q2 2009.

The firm's R&D spending increased 5 percent to $2.1 million from $2 million, while its SG&A expenses were flat at $1.7 million.

Exact is developing a stool-based DNA test for colorectal cancer screening. It plans to discuss results of a study on the test on Oct. 29, at the American Association of Cancer Research meeting in Philadelphia.

"We continue to make refinements to our test," Exact Sciences President and CEO Kevin Conroy said in a statement. "These improvements include a new patient sampling kit, a biomarker panel that provides near universal coverage of cancer and precancer, and an improved DNA detection method that enables greater sensitivity and specificity."

The firm also presented data today at the American Association of Clinical Chemistry meeting in Anaheim, Calif., showing that its methylation-specific technology detected 100 percent of colorectal cancers and pre-cancers at a specificity cutoff of 100 percent in a preliminary study with colorectal tissue.

"While we believe the performance of these markers will be diminished in stool samples, the 100 percent sensitivity and specificity they demonstrated in tissue samples gives us confidence about achieving our goal of greater than 85 percent and 50 percent cancer and precancer sensitivity, respectively, in our upcoming validation study, which will include approximately 1,650 stool samples," Conroy said.

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