July 22--Exact Sciences Corp. -- the Madison company that's developed a non-invasive test for colorectal cancer -- reported wider losses and a drop in revenue for the second quarter of 2014.
Exact had a net loss of $19.4 million, or 24 cents a share, on zero revenue compared with a net loss of $12.3 million, or 19 cents a share, on revenues of $1 million for the same period last year.
Previous revenues had come from a five-year licensing deal with Genzyme Corp. that ended in January.
Operating expenses rose 46 percent to $19.6 million for the quarter that ended June 30 compared with the 2013 second quarter as the company prepares to commercialize its Cologuard test.
Exact came through an inspection of its facilities by the Food and Drug Administration without any problems and hired an 80-person sales force, said chairman and chief executive Kevin Conroy.
"We are pleased with our launch readiness and look forward to working with physicians and patients, pending FDA approval, to improve colon cancer screening," Conroy said.
Cologuard uses a stool-based DNA test. Financial analysts who follow Exact have said they anticipate FDA approval later this summer with Cologuard coming on the market before the end of 2014.
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