Score one for Wisconsin: with the help of a $1 million loan offered by the state, Exact Sciences is moving from Marlborough Massachusetts to Madison. According to a release by the state of Wisconsin, the company will use its loan for equipment and working capital related to the relocation.
Exact Sciences is a molecular diagnostics company focused on tests for colorectal cancer. Last week the company closed a $8.2 million private placement its stock and inked a development deal with Mayo Clinic in Rochester, Minnesota. The company expects to make a significant investment in its relocated operations, creating as many as 150 jobs over five years in its new home in Madison.
Exact Sciences CEO Kevin Conroy was previously the head of Third Wave Technologies, which was sold to a Massachusetts-based company last year. Third Wave's headquarters are still in Wisconsin.
"[Exact Sciences] 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 Corporation 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," said Governor Jim Doyle.
- here's the statement
- read the Worcester Business Journal report