June 12, 2009
Exact Sciences Strikes Deal With Mayo Clinic
Exact Sciences Corp. of Marlborough will work with the Mayo Clinic to develop noninvasive diagnostics for colorectal cancer under a new licensing and collaboration agreement.
The molecular diagnostics company has also closed an $8.2-million private placement of 4.3 million shares of its common stock.
Under the agreement with the Mayo Clinic, Exact has exclusive rights to intellectual property developed by clinic doctor David Ahlquist, including patents for sample processing, analytical testing and data analysis of stool-based DNA samples.
The company will make up-front, milestone and royalty payments to the clinic and provide funding for Ahlquist's future work.
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