Exact Sciences Corp.’s (NSDQ:EXAS) net losses for its 2010 second quarter were almost double the company’s revenues, but still less than during the same period last year.
The company reported a net loss of $2.5 million, or 6 cents per diluted share, on revenues of $1.3 million during the three months ended June 30. Those results compare with a net loss of $2.4 million, or 8 cents per diluted share, on sales of $1.3 million during Q2 2009.
The Madison, Wis.-based company reported operating expenses of $3.8 million, $2.1 million of which was devoted to research and development. For the same period in 2009, operating expenses were $3.7 million, of which $2 million was devoted to R&D.
“We remained focused on our key priorities during the second quarter,” CEO Kevin Conroy said in prepared remarks. “We continue to make refinements to our [colon cancer] test. These improvements include a new patient sampling kit, a biomarker panel that provides near universal coverage of cancer and pre-cancer, and an improved DNA detection method that enables greater sensitivity and specificity.”
Exact Sciences yesterday signed a deal with Belgium-based OncoMethylome Sciences to become the lone licensee of the company’s DNA methylation biomarkers.