Exact Sciences Corp. said its new relationship with pharmaceutical and biotech giant Genzyme Corp. boosted the company’s first quarter revenue, but deepened its quarterly loss.
The Marlborough-based company said the January sale of intellectual property to Genzyme generated $17.2 million in cash that will be reported as revenue over the next 20 quarters. For the first quarter, the company reported a net loss of $3.8 million compared to a $2.5 million loss for the same period a year ago. First quarter revenue increased from $51,000 to $1 million thanks to the Genzyme deal.
The Genzyme deal also increased Exact’s operating expenses from $2.7 million a year ago to $4.9 million in the first three months of 2009 due to expenses associated with the transaction itself, severance and stock-based compensation expenses related to changes in management.
The company ended the quarter with $20.6 million in cash compared to $4.9 million the prior year.
Exact is a molecular diagnostics company that concentrates on colorectal cancer.
