Exact Sciences Corp. got big sales boost during the second quarter, but net losses still widened as the colorectal cancer screening firm settling into its new digs in Wisconsin and started paying the vig on a licensing deal with the Mayo Clinic.
Madison, Wis.-based Exact Sciences posted a net loss of $2.4 million on sales of $1.3 million during the three months ended June 30, compared with a net loss of $2.1 million on negative revenues of $146,000 during the same period last year.
The company, which got a $1 million loan in June from the Badger State to fund its move from Marlborough, Mass., to Madison, said the sales boost was due to a $17.2 million deal it struck in January with Genzyme Corp.
Exact Sciences said operating expenses rose 83 percent to $3.7 million for the quarter, compared with $2 million during Q2 2008.
That’s largely due to a $1.7-million non-cash charge incurred as part of Exact Science’s licensing deal with the Mayo Clinic for the rights to market a non-invasive, stool-based DNA screen for colorectal cancer the company hopes to bring to market.
Exact ended the period with $27.8 million in cash, cash equivalents and marketable securities, up from $4.9 million as of Dec. 31, 2008, largely on a $8.2 million private stock placement it executed in June.
