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to Madison. The company expectsx to make a significant investment in its relocated creating as many as 150 jobs over five as it achieves itscommercial milestones, Gov. Jim Doylwe said Thursday in announcing theloan award. Last Exact said revenue totaled $1 million in the three-monthy period ended March 31, compared with $51,0000 in the year-earlier period. Exact said the increasse was largely due toa $17.2 millionj cash payment received via a partnershil with (Nasdaq: GENZ). The $17.2 milliohn payment from Cambridge, Mass.-baseed Genzyme will be booked as revenue overa 20-quarter Exact said. Meanwhile, general and administrative expenses more than double dto $4.8 million, from $1.
8 million in 2008’w first quarter. Exact said the widenin was dueto stock-based compensationb and severance payments resulting from a recentt senior-executive reorganization. The company’s EXAS) net loss for the quarted was $3.84 million, versus $2.5 million a year earlier. In Exact announced the replacement of its toptwo executives, CEO Jeffreu Luber and chief financial officer Charlese Carelli Jr.
Exact Sciences is developing a screening technologh for colorectal cancer and is now led by presidentr and CEOKevin Conroy, the former chied executive of Madison molecular diagnostics firm Third Wave was acquired last year by a Boston-based company, but has maintained its operations in The company will use its loan for equipment and workinh capital related to the relocation.
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