Why EXACT Sciences Corporation (NASDAQ:EXAS) Went Down?
EXACT Sciences Corporation (NASDAQ:EXAS) saw its market valuation go down by close to 6 percent during trading on 28th February after it reported updates to SEC on its fourth quarter and full year results which were originally reported on 20th February.
Commenting about the close of the last fiscal, EXACT Sciences Corporation (NASDAQ:EXAS) Bill Megan who is the Senior Vice President of Finance and Principal Financial Officer of the firm, has been quoted to have said that, “2013 was a year of great accomplishment across the company, and in the fourth quarter, we completed our lab construction on schedule and recently earned CLIA certification. We also made great progress in enhancing our leadership team. Looking ahead, we will continue to execute our commercialization and launch plan.”
4Q Operations Update
The firm reported that it used up close to $49 million in the past quarter to set up its IT backbone in place and have its lab, billing and ordering workflows going back and forth seamlessly. The firm hopes that the U.S food and drug administration would provide the firm with a go ahead to release its stool based testing solution to detect colon cancer very soon. In anticipation of the commercialization approval, the development stage drug maker has hinted that it might look at increasing its sales force and start to retain its staff on the sales efforts required to make this potentially multibillion dollar testing process a financial success.
Commenting about the mechanism which is used in their colon testing process, EXACT Sciences Corporation (NASDAQ:EXAS) President and CEO, Kevin Conroy has been quoted to have said that their colon testing is conducted in a non invasive manner by subjecting the patients stool collection to BDA testing, which would in turn identify DNA markers which single out the cancerous cells if present in the faeces. The tests also look for blood in stool samples by leveraging the “fecal immunochemical test.”