Wider Loss For Exact After Genzyme Deal
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.
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