The climate in the Badger State seems to agree with Exact Sciences Corp., which swung from negative revenues to positive top-line numbers during the third quarter and narrowed its Q3 net loss, four months after moving to Madison, Wis.
The colorectal cancer screening firm posted sales of $1.3 million during the three months ended Sept. 30, compared with negative revenues of $663,000 during the same period last year. The company pegged the reversal to a non-cash contribution from the $17.2 million IP deal it struck in January with Genzyme Corp.
Net losses narrowed to $1 million for the quarter, down nearly 35 percent compared with net losses of $3 million during the third quarter of 2008.
President and CEO Kevin Conroy said the company is on target for getting its non-invasive, stool-based DNA screen for colorectal cancer into clinical trials. Conroy cited a deal to license Hologic‘s Invader molecular detection platform and integrate it into its test.
Exact Sciences pulled up stakes in Marlborough, Mass., in June after landing a $1 million loan from Wisconsin to cover the move.
