Exact Sciences secured $8.2 million through a private placement and entered a partnership with Mayo Clinic centered on diagnostics for colorectal cancer. The deal with Mayo Clinic gives Exact licenses to various patents and also consists of a research collaboration.
Under the license agreement, Exact obtained exclusive rights to intellectual property developed by David Ahlquist, M.D., Mayo Clinic. These patents cover advances in sample processing, analytical testing, and data analysis associated with noninvasive, stool-based DNA screening for colorectal cancer. Exact will make up-front, milestone, and royalty payments to Mayo Clinic and will provide funding for future work in Dr. Ahlquist’s lab.
According to the R&D arrangement with Dr. Ahlquist’s lab, Exact will initially focus efforts on the company’s colorectal screening test. Exact retains exclusive rights to commercialize any resulting product.
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Exact Sciences Expands License Pact with LabCorp for CRC Screening (Jun. 28, 2007)