Exact Sciences’ losses widen
Exact Sciences, the Madison company working to bring its non-invasive colon cancer screening test to market, posted a net loss of $19.4 million (24 cents/share) on zero revenue for the quarter ending June 30, compared to a net loss of $12.3 million (19 cents/share) on revenues of $1 million for the same quarter a year ago. There was no revenue this year because license fees collected from Genzyme Corp. on an amortized basis over five years ended in January.
For the first half of the year, Exact Sciences showed a net loss of $35.5 million (46 cents/share), up from the same period in 2013 when its net loss was posted as $23.2 million.
Meanwhile, the company has hired an 80-person sales force to gear up for the launch of its Cologuard product.