Exact Sciences Corp. has received a $1-million loan from the Wisconsin Department of Commerce to relocate its headquarters and operations from Marlboro, Mass., to Madison.
The company said it expects to make a significant investment in its relocated operations, creating as many as 150 jobs over five years, as it achieves its commercial milestones.
The firm will use its loan for equipment and working capital related to the relocation.
"I am delighted to welcome Exact Sciences Corp. to Wisconsin," Wisconsin Gov. Jim Doyle said. "The company is developing an innovative, patient-friendly screening technology for colorectal cancer, the second leading cause of cancer-related deaths in the United States. We are pleased that Exact Sciences Corp. believes it can best meet its long-term goals by relocating to Wisconsin, where we have proven that we have the infrastructure to help technology firms flourish."
"We're grateful to Gov. Doyle and the Department of Commerce for their support of Exact Sciences Corp.'s relocation to Wisconsin," said Kevin Conroy, the company's president and chief executive. "The assistance provided by the governor was a critical part of our relocation decision. We know from past experience that Wisconsin, and the Madison area, in particular, is a great place to build a biotechnology company."
Conroy is the former president and chief executive of Third Wave Technologies Inc., the molecular diagnostics company that was acquired last year by a Boston-based company, but has maintained its operations in Madison.
Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has intellectual property protecting its non-invasive, molecular-screening technology for the detection of the disease. It is estimated that one-third of colorectal cancer deaths could be prevented if more people underwent regular screening. The five-year survival rate for those whose cancer is detected early exceeds 90 percent.
For more information about the Department of Commerce's support for technology businesses, visit http://commerce.wi.gov/BD/BD-TechnologyBiz.html.
Massachusetts biotech company to move to Madison
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