The Marlborough-based colorectal cancer screening developer inked a deal with the Mayo Clinic to license patents developed by David Ahlquist. The patents, for sample processing, analytical testing and data analysis, will be folded into the non-invasive, stool-based DNA screen Exact hopes to bring to market.
Under the terms of the deal, the company will make an $80,000 up-front payment to Mayo, with a $250,000 milestone fee due once patients are enrolled in a clinical trial. A further $500,000 is due if the Food & Drug Administration approves the test.
The deal also includes provisions for Exact to pay royalties to the clinic once the test is commercialized.
And Exact will fund Ahlquist’s lab with at least $500,000 during the first year of the deal and reimburse Mayo for some of his salary and benefits.
The company also said it sold 4,315,792 shares of its common stock at $1.90 per share, for a total of $8.2 million, to a group of unidentified investors.