MADISON, Wis., Nov. 8, 2017 /PRNewswire/ --
Highlights:
- Exact Sciences selects 650 Forward Drive in Madison as site for expanded lab; company also
takes ownership of existing office building on site, renamed 1
Exact Lane.
- Campus offers potential to accommodate more than 1,000
employees.
- Combined lab operations will provide Exact Sciences the
capacity to deliver more than 4.5 million Cologuard results per
year.
Alongside team members, community partners and city officials,
Exact Sciences chairman and CEO Kevin
Conroy announced the company will build additional
laboratory facilities at 650 Forward Drive on the City of Madison's near west side. Scheduled to
open in mid-2019, the new facilities will enable the company to
create more than 250 jobs over five years as Exact Sciences
(NASDAQ: EXAS) adds capacity to meet increasing demand for
Cologuard, its noninvasive colorectal cancer screening test.
Also today, Conroy announced that Exact Sciences is now the
owner of the existing office building on the same site --
previously known as 601 Rayovac Drive, now named 1 Exact Lane.
Formerly leased by the company, the office space currently houses
approximately 350 members of Exact Sciences' growing Customer Care,
IT and administrative teams. Future renovations could increase its
capacity to approximately 1,000 employees.
"Doctors and patients are increasingly choosing the convenience
of Cologuard over other colon cancer screening methods," said
Conroy. "Expanding in our hometown allows us to maintain Exact
Sciences' unique, customer-focused culture that's made Cologuard a
tremendous success. We're excited to add to our teams and
facilities to help even more people get screened with Cologuard for
colon cancer."
Together, the new lab and expanded office space will form a
world-class employee campus, complete with a cafeteria, health
facilities and parking structures to attract top talent and support
employee well-being.
Immediately following the site announcements, Exact Sciences
broke ground on the new lab. Once finished, the new facility and
the company's existing lab, located at 145 Badger Road, will give
Exact Sciences a capacity to process more than 4.5 million
Cologuard tests per year.
The Badger Road lab will continue operations and expansions are
already underway to increase its capacity from about 1 million
Cologuard tests per year to 2.5 million or more tests per year. The
Badger Road expansion activities will allow Exact Sciences to scale
and continue meeting demand while the second lab facility of 2
million tests per year is built on Forward Drive.
"Today's announcement continues the great story of this
industry-leading, Madison-based
biotech company," said City of
Madison mayor Paul Soglin.
"Exact Sciences is not only a great employer, but is also an
extremely engaged member of our community, contributing to causes
and organizations that make Madison such a great place to live, work and
raise a family. We are proud to have them here and look forward to
Exact Sciences' continued success."
Exact Sciences will work with the City
of Madison and Urban League of Greater Madison on the Park Edge Park Ridge
(PEPR) neighborhood employment center to conduct job training and
recruitment seminars to fill jobs being created by the second lab.
This work will include devoting staff time from members of Exact
Sciences' human resources team to PEPR and a significant financial
commitment to the Urban League over the next three years to support
job training efforts.
"Exact Sciences is a longtime supporter of the Urban League's
job training and economic development programs and we're excited to
continue working with them to create high-quality jobs that
strengthen our local communities and provide new opportunities for
families to get ahead," said Ruben L.
Anthony, Jr., president and CEO, Urban League of
Greater Madison.
Colorectal cancer is the second leading cancer killer in
the United States, according to
the U.S. Centers for Disease Control and Prevention. Exact
Sciences' Cologuard screening test looks for blood and altered DNA
associated with colon cancer and precancerous growths in a person's
stool sample.
Once prescribed by a health care professional, a Cologuard
collection kit is delivered to the patient's home. Individuals
collect their sample on their own time and use a prepaid return
shipping label to send the specimen to Exact Sciences Laboratories
in Madison, Wis. for processing.
Test results are sent directly to the health care provider's office
within a few weeks and patients get to avoid the preparation,
dietary and medication restrictions associated with a screening
colonoscopy.
The screening test is backed by Exact Sciences' support
services, which include a 24/7 phone line dedicated to answering
questions from doctors and patients, as well as helpful patient
reminders which lead to higher test completion rates than other
colorectal cancer screening methods.
Since Cologuard launched three years ago, approximately 91,000
providers have ordered the test through the end of the third
quarter of 2017. As of October 30,
2017, Exact Sciences guidance is for 568,000-572,000
Cologuard tests to be completed during 2017, up from its previous
guidance of at least 550,000 tests.
Media contact:
Scott Larrivee, Exact Sciences, 608-287-9261
(mobile), slarrivee@exactsciences.com
Investor contact:
Megan
Jones, Exact Sciences, 608-535-8815,
meganjones@exactsciences.com
EDITORS AND PRODUCERS PLEASE NOTE:
Media
resources, including B-roll, laboratory photos and logos are
available at
http://www.exactsciences.com/latest-news/press-room.
About Exact Sciences Corp.
Exact Sciences Corp. is a
molecular diagnostics company focused on the early detection and
prevention of the deadliest forms of cancer. The company has
exclusive intellectual property protecting its non-invasive,
molecular screening technology for the detection of colorectal
cancer. For more information, please visit the company's website at
www.exactsciences.com, follow Exact Sciences on Twitter
@ExactSciences or find Exact Sciences on Facebook.
About Cologuard
Cologuard was approved by the FDA in
August 2014 and results from Exact
Sciences' prospective 90-site, point-in-time, 10,000-patient
pivotal trial were published in the New England Journal of Medicine
in March 2014. Cologuard is included
in the American Cancer Society's (2014) colorectal cancer screening
guidelines and the recommendations of the U.S. Preventive Services
Task Force (2016) and National Comprehensive Cancer Network (2016).
Cologuard is indicated to screen adults of either sex, 50 years or
older, who are at average risk for colorectal cancer. Cologuard is
not for everyone and is not a replacement for diagnostic
colonoscopy or surveillance colonoscopy in high-risk individuals.
False positives and false negatives do occur. Any positive test
result should be followed by a diagnostic colonoscopy. Following a
negative result, patients should continue participating in a
screening program at an interval and with a method appropriate for
the individual patient. Cologuard performance when used for repeat
testing has not been evaluated or established. For more information
about Cologuard, visit www.cologuardtest.com. Rx Only.
Safe Harbor Statement
This news release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that are intended to
be covered by the "safe harbor" created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can
generally be identified by the use of forward-looking terms such as
"believe," "expect," "may," "will," "should," "could," "seek,"
"intend," "plan," "goal," "estimate," "anticipate" or other
comparable terms. All statements other than statements of
historical facts included in this news release regarding our
strategies, prospects, financial condition, operations, costs,
plans and objectives are forward-looking statements. Examples of
forward-looking statements include, among others, statements we
make regarding expected future operating results, anticipated
results of our sales and marketing efforts, expectations concerning
payer reimbursement and the anticipated results of our product
development efforts. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
and profitably market our products and services; the acceptance of
our products and services by patients and healthcare providers; our
ability to meet demand for our products and services; the
willingness of health insurance companies and other payers to cover
Cologuard and reimburse us for our performance of the Cologuard
test; the amount and nature of competition from other cancer
screening products and services; the effects of the adoption,
modification or repeal of any healthcare reform law, rule, order,
interpretation or policy; the effects of changes in healthcare
pricing, coverage and reimbursement; recommendations, guidelines
and quality metrics issued by various organizations such as the
U.S. Preventive Services Task Force, the American Cancer Society,
and the National Committee for Quality Assurance regarding cancer
screening or our products and services; our ability to successfully
develop new products and services; our success establishing and
maintaining collaborative, licensing and supplier arrangements; our
ability to maintain regulatory approvals and comply with applicable
regulations; and the other risks and uncertainties described in the
Risk Factors and in Management's Discussion and Analysis of
Financial Condition and Results of Operations sections of our most
recently filed Annual Report on Form 10-K and our subsequently
filed Quarterly Report(s) on Form 10-Q. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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SOURCE EXACT SCIENCES CORP