WED AM News: Exact Sciences Q4 screening revenue up 61 percent, preliminary report shows; Bold Coast Capital closes on $6 million round

— Exact Sciences brought in about $230 million in screening revenue during the fourth quarter of last year, according to the company’s latest preliminary financial report. 

Screening revenue for that period was 61 percent higher than in the last three months of 2018, the report shows. 

The Madison company’s acquisition of Genomic Health closed during the fourth quarter, so the financial report captures revenue from precision oncology services from Nov. 8 through the end of the year. Precision oncology revenue for that period was nearly $66 million, and projected precision oncology revenue for the full fourth quarter was nearly $119 million — 13 percent higher than Genomic Health’s comparable standalone performance. 

Going into 2020, Chairman and CEO Kevin Conroy says the company is poised to change the way cancer is diagnosed and treated. 

“Following our combination with Genomic Health, we have the leading scientific minds, an experienced commercial team with deep relationships, and the global footprint necessary to support the growth of current and future cancer diagnostics,” he said in a statement. 

Screening revenue makes up a significant chunk of the company’s total revenue, with total fourth-quarter revenue of around $295 million. 

The number of colon cancer screens performed with the Cologuard test was 477,000 during Q4 2019, which is 63 percent more than in the fourth quarter of 2018. And test volume for the recently acquired Oncotype DX was 14 percent higher than the previous fourth quarter, with around 41,000 screens. 

While the Cologuard test is used to screen patients for colon cancer, the Oncotype DX test can analyze specific tumor biology to inform cancer treatment strategies. 

See more: 

— An early-stage venture capital firm called Bold Coast Capital has closed on its first round with just over $6 million raised of a $15 million target. 

The fund was established in 2018 by Managing Partner Ross Leinweber with the state-backed Badger Fund of Funds as its anchor investor. According to a release, the fund accepted investment from the Badger Fund of Funds, local investors in the state, and investors from four other U.S. states. 

“We are encouraged by the support from investors both locally and around the country,” Leinweber said in an email. “Our investors keep telling us that Wisconsin is poised to emerge in 2020.” 

The fund, based in Whitefish Bay, plans to invest in Wisconsin-based startups. Leinweber notes that Madison has the potential to be a “top-tier entrepreneurial ecosystem” while the Fox Valley has strengths in engineering. Plus he calls Milwaukee “a sleeping giant.” 

“The innovation investments being laid in the academic halls and throughout the corporate campuses in southeastern Wisconsin will serve as core building blocks for the next decade,” he said. 

See the SEC filing: 

— The manufacturer of Carmex lip balm, Carma Laboratories, has announced plans to build a new global headquarters in Franklin. 

According to company CEO Rich Simonson, the business has had a presence in the greater Milwaukee area for more than 80 years. 

“It’s been a pleasure to work with the Carma Laboratories owners and management on this major expansion of a brand that stamps ‘Franklin, Wisconsin’ on millions of products used all over the world,” said Franklin Mayor Mayor Steve Olson. 

A release shows company officials have begun negotiations with city officials for possible incentives and approval. A company spokesperson declined to provide further details, saying project specifics will be finalized in the coming months. 

See the release: 

— UW-Madison researchers have created a new scoring system that can predict nearly imperceptible seizures in critically ill hospital patients. 

“There is growing recognition that many of the sickest patients in the hospital are having seizures that can complicate the course of their illness,” said Dr. Aaron Struck, an epilepsy doctor and lead author of a study published this week in JAMA Neurology. 

He says these seizures are different from those in epilepsy patients, which present clear physical symptoms. 

“In these sick patients with seizures, there is rarely any obvious outward sign that doctors or nurses could recognize,” he said. 

The scoring system, dubbed 2HELPS2B, was tested in a multinational trial involving test results from over 2,000 patients at five medical centers: University Hospital in Madison, Duke University, Medical University of South Carolina, Massachusetts General Hospital, Grady Memorial Hospital at Emory University, and the Free University of Brussels in Belgium. 

By applying the scoring algorithm to brain activity measurements, the scientists were able to predict the likelihood of seizures in patients and provide preventative treatment. According to Struck, the goal of the research is to help patients recover from acute illness more quickly. 

See the full study: 

— Ted’s Pizza Palace in downtown Menomonie is getting $10,000 from the state for a renovation project after winning the annual Main Street Makeover Contest from WEDC. 

The restaurant is owned by Jim and Kim Gounaikis and celebrates its 50th anniversary this year. According to a release, their son Zach plans to get more involved, marking the third generation for the family-owned company. 

The business was selected for the top prize because of its track record of success, community support and potential for enhancement. 

“The entire family at Ted’s is invested in our downtown, and they plan to call Menomonie home for generations to come,” said Dustyn Dubuque, executive director of the Main Street Menomonie program.  

Improvements to the restaurant will include both interior renovations and front-facing upgrades. Staff from WEDC and Milwaukee design firm Retailworks will work with the Gounakis family and Main Street Menomonie on the new design. A 48-hour “makeover” event will be held in the spring. 

See the release: 

— Milwaukee Mayor Tom Barret and Wisconsin Dem leadership are slamming President Trump for his promise to repeal the Affordable Care Act.

“He might want to dress it up, but he loves talking about how much he hates Obamacare,” Barrett said ahead of Trump’s Milwaukee campaign rally last night. “But what he hasn’t done at all is offer anything to replace it.”

Barrett said that “millions of Americans are at peril” if Trump manages to repeal the ACA and its protections for those with preexisting conditions. He said Trump and the GOP offer a lot of “noise and chatter” on healthcare but any concrete plan “doesn’t exist.”

He said Dems need to “first and foremost” focus on healthcare to win in 2020, calling it “one of the issues that clearly separates the parties.”

Barrett was joined by 5th CD Dem candidate Tom Palzewicz, state Dem Chair Ben Wikler and progressive activists.

See the Election Blog for coverage of yesterday’s rally:


# Madison public golf courses need investments of $34.7 million to $52.5 million

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# Madison startup Vehroot wants to make your smartphone part of your car



– Hay tainted by toxic beetles kills 14 horses in Wisconsin

– Wisconsin Fresh Fruit & Vegetable Conference planned

– USDA issues final Wisconsin crop production numbers


– Milwaukee extends deconstruction freeze, plans contractor training sessions


– Marquette University names Joseph Daniels as business dean

– Marquette professor named dean of Rutgers–Camden business school

– CAFO update meetings slated in January & February


– Rogers Behavioral Health plans new treatment center in Sheboygan


– Cree Lighting to add jobs in Racine County with $8 million expansion


– Northridge Mall owners, city make arguments in court hearing over raze order


– Carmex maker plans new HQ in Franklin


– GOP lawmakers question $21M in cost overruns on troubled HWY 23 project


– Arguments commence in Northridge Mall demolition lawsuit


– Gillware Digital Forensics rebrands, raises $3 million


<i>See these and other press releases: </i>

Foxconn: Wisconsin businesses awarded subcontracts totaling $2.3 million by Foxconn

Husch Blackwell: Lands two health care groups in Wisconsin