Exact Sciences first quarter net loss increases to $10.6 million

Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the quarter ended March 31, 2012.    

Exact reported total revenues of $1.0 million for the first quarter of 2012, compared to total revenues of $1.0 million during the same period of 2011.

Exact reported a net loss of ($10.6) million, or ($0.19) a share, for the first quarter of 2012. The company had a net loss of ($4.4) million, or ($0.08) a share, for the same period of 2011.

Operating expenses for the quarter ended March 31, 2012, were $11.7 million, compared to $5.4 million for the first quarter of 2011. Operating expenses for the quarter ended March 31, 2012, increased from the same period a year ago primarily because of costs associated with the company's DeeP-C clinical trial of its non-invasive Cologuard colorectal cancer screening test.

Exact ended the first quarter of 2012 with cash, cash equivalents and marketable securities of $83.5 million, compared to $93.4 million at Dec. 31, 2011.

"We are pleased that the DeeP-C clinical trial for our Cologuard^® product, a non-invasive colorectal cancer screening test, remains on track," said Kevin T. Conroy, president and chief executive of Exact. "In addition to completing the DeeP-C trial, we remain focused on the successful execution of our other 2012 priorities: making our FDA submission, and continuing our manufacturing and marketing preparation. All of us at Exact are steadfastly committed to bringing to market our patient-friendly screening test, which enables early detection of colorectal cancer."