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Exact Sciences Regains Nasdaq Compliance

NEW YORK (GenomeWeb News) – Exact Sciences said after the close of the market on Thursday that it had regained compliance with listing requirements for the Nasdaq Capital Market.

Exact's stock was moved from the Nasdaq Global Market to the Nasdaq Capital Market in late November 2008, because its shares failed to meet certain listing requirements. That move followed a letter sent to the firm from Nasdaq on July 10, informing Exact that the value of its listed securities was below the minimum $50 million required for continued listing on the market.

Earlier this week, the firm announced that it had sold to Genzyme certain intellectual property assets related to the fields of prenatal and reproductive health in a deal that is expected to provide the firm with a cash infusion of $24.5 million.

In addition, the Marlborough, Mass.-based firm sold to Genzyme 3 million shares of its common stock for $2 per share.

The pact with Genzyme ended Sequenom's bid to acquire Exact for $41 million.

Exact's shares closed at $1.47 in Thursday trade. Its market capitalization currently stands at around $40 million.

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