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Prospector
Profile
3-19-005
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| EXACT Sciences Corporation |
NAICS |
541710 |
| 100 Campus Drive,
Marlborough, MA 01752 |
Description |
Biotechnology |
| (508) 683-1200 |
Employees |
14 |
| http://www.exactsciences.com |
Revenue |
(mil) |
1.8000 |
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Income |
(mil) |
-11.9600 |
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Assets |
(mil) |
14.6000 |
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Liability |
(mil) |
8.3100 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Exact Sciences Corporation disclosed in its annual report for the year ended December 31, 2007, that its independent auditors have expressed substantial doubt about the Company's ability to continue as a going concern, and it may be unable to raise additional capital on acceptable terms in the future. The Company stated it has incurred losses since it was formed and has had only modest product and royalty fee revenues since the commercial launch of its PreGen-Plus, a non-invasive stool-based DNA testing service for the detection of colorectal cancer, in August 2003. From its date of inception on February 10, 1995 through December 31, 2007, it has accumulated a total deficit of approximately $162.7 million. The company said it expects that its losses will continue for at least the next several years and, depending upon its strategic direction, it may need to invest significant additional funds toward other areas in the oncology testing business. The company has cash and cash equivalents of $4,486,000 for the year ended Dec. 31, 2007. It has assets of $14,595,000, liabilities of $4,406,000 and a total deficit of approximately $162.7 million since its inception in February 1995.
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Intellectual Property:
The Company has filed patents and patent applications that cover the methods designed to detect colorectal cancer as well as other cancers. The Company has also filed patent applications covering the preparation of stool samples and the extraction of DNA from heterogeneous stool samples. As part of the Company's strategy, it seeks patent coverage in the United States and in foreign countries. As of December 31, 2007, the Company had 37 patents issued and 22 pending patent applications in the United States and, in foreign jurisdictions, 76 patents issued and 39 pending patent applications. The Company and a third-party institution have filed a joint patent application under the Patent Cooperation Treaty relating to the use of various DNA markers, including the DNA Integrity Assay, to detect non-colorectal cancers in stool, including, for example, cancers of the lung, pancreas, esophagus, stomach, small intestine, bile duct, naso-pharyngeal, liver and gall bladder. This patent application does not relate to the detection of colorectal cancer and national rights are being pursued in the United States, Japan, Europe and Canada. [SEC Filing 3-17-08]
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Description:
EXACT Sciences Corporation, uses applied
genomics to develop effective, patient-friendly screening technologies for use in the detection of cancer.
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Officers:
Sally W. Crawford (Chair); Patrick J. Zenner (Exe. Chair, Interim CEO and Dir.); Charles R. Carelli, Jr. (SVP, CFO, Treas. & Sec.); Edwin M. Kania, Jr. (Dir.); Connie Mack, III (Dir.); Lance Willsey, MD (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol EXAS; NasdaqGM; 27,146,241 common shares outstanding as of March 13, 2008.
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