Exact Sciences

Summary
Exact Sciences Corporation provides cancer screening and diagnostic test products in the United States and internationally. The company offers Cologuard, a non-invasive stool-based DNA screening test to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. It also provides Oncotype DX, a gene expression tests for breast, prostate, and colon cancers; Oncotype Test, a tissue test delivering tumor profiling to aid therapy selection for patients with advanced, metastatic, refractory, or recurrent cancer; Oncotype DX AR-V7 Nucleus Detect Test, a liquid-based test for advanced stage prostate cancer; Oncomap ExTra, that provides a complete biological picture of certain refractory, rare, or aggressive cancers; and Covid-19 testing services. The company's pipeline products focus on enhancing the Cologuard test's performance characteristics and developing blood and other fluid-based tests. It has license agreements with MAYO Foundation for Medical Education and Research; and Hologic, Inc. Exact Sciences Corporation was incorporated in 1995 and is headquartered in Madison, Wisconsin.

History

Exact Sciences was founded in 1995 in Marlborough, Massachusetts by Stanley Lapidus and Anthony Shuber as a company focused on the development of a non-invasive test for colorectal cancer. The company eventually went public with an initial offering on the NASDAQ in 2001. In the early years there was much speculation that the company would be acquired by a competitor or exit the market; during this time the company's share price fell to less than one dollar.A significant turnaround in the company's fortunes began with the announcement of a mutual collaboration and licensing agreement between Exact Sciences and the Mayo Clinic in June 2009. In the same year, the company appointed Kevin Conroy as CEO & president and moved its head office to Madison, Wisconsin.In August 2014, Exact Sciences received premarket approval from the Food and Drug Administration for the use and marketing of its flagship product, Cologuard. This breakthrough heralded the beginning of a period of rapid growth for Exact Sciences and the start of its first foray into the acquisitions market.In August 2017, the company made its first major acquisition when it purchased Sampleminded, a healthcare information technology company based in Salt Lake City, Utah, for $3.2 million. This was followed by the January 2018 announcement that Exact Sciences had completed a $690 million convertible bond offering and the revelation that the company was to acquire Armune Bioscience, a cancer diagnostic developer based in Kalamazoo and Ann Arbor, Michigan . Third-quarter financial reports revealed the price of the Armune Bioscience acquisition to be valued at $12 million, plus $17.5 million in incentives for certain milestones. Later, in October 2018, Exact Sciences announced its purchase of Biomatrica, a developer of sample preservation technology based in San Diego, California. Financial reports revealed the purchase price to be $20 million with an additional $20 million in incentives for certain milestones.In Summer 2019 Exact Sciences opened a new 169,000 square feet lab and warehouse facility to expand its testing capacity for Cologuard and, in its largest acquisition yet, announced its intention to buy Genomic Health, a genetic cancer detection company based in Redwood City, California, for $2.8 billion. The reason given for this latest acquisition was to both expand Exact Sciences' product portfolio through the addition of Genomic Health's OncotypeIQ suite of precision tests, and expand into other markets outside the US on the back of Genomic Health's existing network. The deal with Genomic Health led to the opening of Exact Sciences offices in the United Kingdom, France, Germany, Italy and Japan, and the foundation of Exact Sciences International, with its headquarters initially in Geneva and later in Zug, Switzerland.In March 2020, Exact Sciences purchased Paradigm Diagnostics and Viomics, two companies based in Phoenix, Arizona that would expand their lab testing and research and development capabilities. Later, in October 2020, the company again announced a round of acquisitions - this time of Thrive Earlier Detection Corp. and Base Genomics , two companies specializing in one of Exact Sciences' pipeline areas - blood-based cancer screening.Exact Sciences responded to the 2020 COVID-19 pandemic by temporarily refocusing a portion of its diagnostic capacity to testing for the disease. The company received FDA regulatory approval to provide home testing kits in April 2020, becoming one of the first companies in the US to do so.In early 2021 Exact Sciences announced its acquisition of Ashion Analytics and plans to collaborate in research with TGen, the City Of Hope's Genomics Institute. This news came shortly after the company's decision to purchase an exclusive-use licence of TGen's proprietary liquid biopsy-based test technology, Tardis.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors :


Mission
To partner with patients, healthcare providers, payers and advocacy groups to help eradicate colon cancer.

Vision
Exact Sciences is committed to helping win the war on cancer through early detection.

Key Team

Mr. Graham P. Lidgard (Emeritus Chief Science Officer)

Mr. Everett V. Cunningham (Chief Commercial Officer)

Dr. Jorge A. Garces Ph.D. (Chief Science Officer)

Ms. Megan Jones (Associate Mang. of Investor Relations)

Mr. Tim Caprez (Chief Compliance Counsel & VP)

Mr. Vic Parker (Head of Sales)

Mr. Sri Kalluri (Chief Information Officer)


Recognition and Awards
Exact Sciences has been recognized by many organizations for its achievements in innovation and dedication to cancer prevention, including the TIME Innovators Award, the U.S. Chamber of Commerce's National Dream Big Small Business of the Year Award, and being named to the CNBC Disruptor 50 list.

References
Exact Sciences
Leadership team

Mr. Kevin T. Conroy (Chairman of The Board & CEO)

Mr. Jeffrey T. Elliott CFA (Exec. VP, CFO & COO)

Mr. D. Scott Coward (Chief Legal Officer)

Products/ Services
Biotechnology, Health Diagnostics, Manufacturing
Number of Employees
1,000 - 20,000
Headquarters
Madison, Wisconsin, United States
Established
1995
Company Registration
SEC CIK number: 0001124140
Revenue
Above - 1B
Traded as
EXAS
Social Media
Sat Feb 24 2024
About

businessabc offers a global business, SMEs wiki directory blockchain, NFTs, AI powered marketplace for businesses worldwide.

Follow Us
Produced by
In collaboration with
Logo

Copyright 2023 © businessabc powered by ztudium