From WisPolitics.com/WisBusiness.com …
— Exact Sciences is acquiring exclusive rights in the U.S. for a blood-based colorectal cancer test to complement its existing screening portfolio.
The Madison-based diagnostics company yesterday announced it has entered an agreement with cancer detection biotech firm Freenome for exclusive domestic rights to current and future versions of its cancer test.
Kevin Conroy, chairman and CEO of Exact Sciences, says the license “expands our leadership” in cancer screening by adding blood-based options. The company earlier this year launched its Cologuard Plus test, offering an upgraded version of its colorectal screening tool.
“We’re now able to offer a complementary blood-based option to the over 50 million unscreened Americans, supported by our broad commercial reach, ExactNexus technology platform, and deep relationships with health systems and payers,” Conroy said in a statement.
Freenome, based in California, will receive $75 million in cash by November under the agreement, along with up to $700 million in other potential payouts over time linked to milestones for the test. Those include various FDA hurdles as well as achieving specified ratings in the United States Preventive Services Taskforce, among other requirements.
Exact Sciences says it’s also committed $20 million annually over the next three years in joint research and development efforts around the testing technology.
Aaron Elliott, Freenome’s CEO, says Exact Sciences “brings the scale, reach, and proven track record to maximize its impact and deliver this technology to patients faster and with greater certainty.”
Freenome recently submitted the last part of the pre-market application to the FDA, and plans to offer a supplementary submission for its next version of the test when more clinical results are available, the release shows.
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