Exact Sciences Corp.(Nasdaq: EXAS) today announced it has been awarded a $244,500 therapeutic discovery grant from the Internal Revenue Service to aid the company in its development of CologuardTM, an sDNA screening test aimed at detecting both colorectal cancers and pre-cancers. The Qualifying Therapeutic Discovery Project was enacted as part of the health care reform legislation passed earlier this year. In order to qualify under the program's guidelines, Exact Sciences had to show reasonable potential to produce a new therapy to prevent, detect or treat chronic or acute disease and conditions; reduce long-term health costs; or significantly advance the goal of curing cancer within a 30-year period.
More than 140,000 Americans are diagnosed with colorectal cancer each year. Colorectal cancer is highly treatable if found early, but 40 percent of adults age 50 and older have not been screened as recommended.
The latest American Cancer Society colorectal cancer screening guidelines include the sDNA form of testing as a recommended screening option. The Cologuard sDNA test would work by detecting specific altered DNA sequences in cells that are shed into the stool from pre-cancerous or cancerous polyps. If a DNA abnormality is identified in a patient's sample, a colonoscopy would be required to confirm the results.
Cologuard is an investigational device and is not available for sale in the United States. The company plans to begin its clinical trial next year.
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