EXACT Sciences announces restructuring plans
EXACT Sciences Corp. in Marlboro, a developer of patient-friendly screening technologies for detecting cancer, will eliminate 21 positions across all departments effective October 20, the firm announced.
The restructuring plans aim at reducing the company's cost structure and extending its resources into the first quarter of 2009, based on current operating plans. The 23 remaining employees will focus on a number of goals, including obtaining Medicare coverage for stool-based DNA screening. The company predicts that the restructuring, as well as retention payments for remaining employees, will result in reduced salary and fringe benefits costs of approximately $1.5 million in 2007, and approximately $2.4 million on an annual basis thereafter.
EXACT Sciences Corp. is also reviewing its facility needs and may note further restructuring charges related to potential facility consolidations.
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