hmpa,
Maybe just as well you didn't get EXAS shares to borrow:
>>BURLINGTON, N.C., July 11 /PRNewswire/ --EXACT Sciences Corporation (Nasdaq: EXAS - news) and Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH - news) announced today that they have signed an agreement for the licensing of EXACT Sciences' proprietary genomics- based technologies to LabCorp. Under the agreement, for a specified period of time, LabCorp will be the only national clinical laboratory to offer testing services based on certain of EXACT Sciences' proprietary technologies for the detection of colorectal cancer. As part of the licensing arrangement, EXACT Sciences will receive an upfront payment and licensing fees on the amount of testing performed.
LabCorp will utilize its specialty sales force to offer testing for the detection of colorectal cancer based on EXACT Sciences' technologies. The first testing services offered by LabCorp using these technologies will be to detect the presence of cancer in those patients who are predisposed to a syndrome known as Hereditary Non-Polyposis Colorectal Cancer (HNPCC). EXACT Sciences recently introduced its PreGen-26(TM) test for the HNPCC market, which is based on the same proprietary genomics-based technology as that licensed to LabCorp. Over time, EXACT Sciences and LabCorp expect to offer broader testing services based on EXACT Sciences' proprietary genomics-based technologies to the larger high-risk and average-risk populations.
``We are extremely pleased to be working with LabCorp on the commercialization of the technologies that form the basis of our PreGen(TM) tests,'' said Don Hardison, EXACT Sciences' President and CEO. ``LabCorp is a pioneer in offering DNA-based molecular testing services, and we cannot think of a better partner to help us introduce our proprietary genomics-based technologies into the national marketplace. With LabCorp's experience in esoteric and molecular testing, as well as its extensive distribution network, we believe we will have a significant impact on reducing mortality from colorectal cancer by expanding the availability of our genomics-based technologies to detect cancer.''
``We are confident that this is the beginning of a long and mutually beneficial relationship,'' stated Tom Mac Mahon, LabCorp's Chairman and CEO. ``We believe that the future of the clinical laboratory business lies in the area of genomics-based technologies and are therefore very excited to be working with a pioneer such as EXACT Sciences. The signing of this agreement is a fundamental part of LabCorp's strategic plan to be the leading provider of esoteric testing services in the country.''<<
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Cheers, Tuck |
