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Exact Sciences' Q3 Revenues Up; Loss Rises on Increased Expenses

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences today reported that its third-quarter revenues rose around 8 percent and its net loss more than tripled as the firm significantly upped its investment in R&D.

The Madison, Wis.-based molecular diagnostics firm brought in total revenues of $1.4 million for the three-month period ended Sept. 30, compared to $1.3 million for the third quarter of 2009. Nearly all of its revenues came from license fees.

Exact's net loss for the quarter was $3.4 million, or $.08 per share, compared to $1 million, or $.03 per share, for the third quarter of 2009.

The loss was driven by a sharp increase in R&D spending, which rose to $2.6 million from $837,000 year over year. The firm also increased its SG&A spending to $2.1 million from $1.5 million.

Exact finished the quarter with $34.8 million in cash, cash equivalents, and marketable securities.

"Exact Sciences' primary focus during the third quarter was the completion of our validation study, a major milestone in our efforts to bring to market an accurate, patient-friendly screening test that detects both pre-cancers and cancer," Exact President and CEO Kevin Conroy said in a statement.

The firm is developing a stool-based DNA colorectal cancer screening test. It is scheduled to present data from a validation study of the test tomorrow at the American Association for Cancer Research conference.

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