Exact Sciences ends quarter with $8 million, reports loss of $3.1 million

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Exact Sciences Corp. ended the third quarter of 2006 with cash and cash equivalents of about $8.0 million, compared with $13.0 million at Dec. 31, 2005.

The net loss for the quarter ended Sept. 30 was slightly improved at $3.1 million, or $0.12 per share, from a net loss of $3.3 million, or $0.13 per share, for the prior-year period due to Effipure write-offs of $0.3 million. For the nine months ended Sept. 30, the company's net loss was $10.5 million.

Total revenues for the third quarter were unchanged from the third quarter of 2005 at $1.2 million.

The company reported total operating expenses of $4.5 million for the quarter, compared with $4.4 million for the same quarter of 2005.

Research and development expenses were down slightly during the third quarter at $1.7 million, from $1.9 million in same quarter of 2005.

Exact Sciences said its planned restructuring, which it announced last week, will cost the company $700,000 during the fourth quarter due to one-time charges associated with the elimination of 21 positions.

The Marlborough, Mass.-based company uses applied genomics to develop screening technologies for cancer detection.

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