Acquisition of MT Technologies' Patents Enhances EXACT Sciences' Proprietary Genomics-Based Technologies.Business Editors and Health/Medical Writers BIOWIRE2K MAYNARD, Mass.--(BW HealthWire)--Nov. 8, 2001 EXACT Sciences Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EXAS) announced today that it has purchased certain assets of MT Technologies (f/k/a Mosaic Technologies, Inc.), a biotechnology company located in Waltham, Mass. The majority of the assets purchased consist of intellectual property surrounding Mosaic's Hybrigel technology. This technology, together with EXACT Sciences' proprietary genomics-based technologies, will simplify the sample preparation process used by EXACT Sciences for molecular diagnostic applications. The purchase price for the assets included $1.25 million in cash and warrants to purchase 40,000 shares of EXACT Sciences' common stock, exercisable over the next three years, at an exercise price equal to the closing price of the stock on November 6, 2001. The technologies covered by the acquired patents are additive to those patents already issued to or filed by EXACT Sciences. They are expected to enhance EXACT Science's platform technology for sample preparation, which enables the capture and detection of DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. in bodily fluids. The combination of EXACT Sciences' existing sample prep technology and the Hybrigel technology should allow EXACT Sciences to increase significantly both DNA yield and capture efficiencies, thus reducing the costs and complexity associated with sample preparation. "This acquisition represents a significant milestone for EXACT Sciences," stated Don Hardison, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of EXACT Sciences. "It is the first business deal that brings new and complementary technology into the company which should substantially catalyze our efforts to develop the most robust DNA-based assays in the market. The combined technologies will have a major impact on our ability to build a cost-effective platform for the extraction of target DNA from bodily fluids. The first application will be in our PreGen(TM) technology to detect colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. ; however, we believe that it also will have broader applications in the molecular diagnostics market." About EXACT Sciences Corporation EXACT Sciences Corporation is an applied genomics applied genomics Molecular genetics Molecular medicine The use of genetic information to diagnose, prognosticate and manage disease, based on the techniques of PCR, real time-PCR, DNA sequencing, and gene rearrangement studies for leukemia and lymphoma. company that has developed proprietary technologies that may be used for the early detection of several common cancers. EXACT Sciences has selected colorectal cancer as the first application of its technologies. Colorectal cancer is the most deadly cancer among non-smokers, and is curable cur·a·ble adj. Capable of being cured or healed. if detected early. Despite the availability of colorectal cancer screening and diagnostic tests for more than 20 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time rate of early detection of colorectal cancer remains low. EXACT Sciences believes its genomics-based technologies will enable early detection of colorectal cancer so that more people can be effectively treated. Founded in 1995, EXACT Sciences is based in Maynard, Mass. Detailed information on EXACT Sciences can be found on the World Wide Web at www.exactsciences.com. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to a variety of risks and uncertainties, many of which are beyond EXACT Sciences' control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things, that the completion of clinical studies may not prove the superiority of EXACT Sciences' technologies, the failure to convince medical practitioners to order tests using EXACT Sciences' technologies, the loss of support of key scientific collaborators, the failure to comply with federal and state statutes and regulations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc EXACT Sciences' products and services, including FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. requirements, and the operation of EXACT Sciences' laboratory, including the Clinical Laboratory Improvement Amendments Clinical Laboratory Improvement Amendments (CLIA) of 1988 are United States federal regulatory standards that apply to all clinical laboratory testing performed on humans in the United States, except clinical trials and basic research. , competition, the inability to protect EXACT Sciences' intellectual property and the cost of enforcing or defending EXACT Sciences in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. relating to intellectual property rights. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. EXACT Sciences undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by EXACT Sciences, see the disclosure contained in EXACT Sciences' public filings with the Securities and Exchange Commission including, without limitation, its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000 and subsequent Forms 10-Q. |
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