Exact Sciences’ Q2 Revenue Increases

Exact Sciences reported total revenues of $1.3m for the second quarter of 2009, compared to total revenues of $146,000 during the same period of 2008. Total revenues for the first six months of 2009 were $2.3m, compared to total revenues of $95,000 for the same period of 2008.

Exact reported a net loss of $2.4m or $0.08 per share for the second quarter of 2009, compared to $2.1m or $0.08 per share for the same period of 2008. The company’s net loss for the six-month period ended June 30, 2009, was $6.2m or $0.21 per share, as compared to $4.6m or $0.17 per share for the same period of 2008.

Kevin Conroy, president and chief executive of Exact Sciences, said: “We made significant progress during the second quarter advancing our top priorities. We closed an $8m funding round, completed a licensing and collaboration agreement with Mayo Clinic, and hired a clinical diagnostics veteran as the company’s chief scientific officer. We will continue to focus on refining our patient-friendly, molecular diagnostic colorectal cancer screening test and preparing for its clinical trial.”