MARLBOROUGH, Mass.--(BUSINESS WIRE)--March 18, 2008--EXACT
Sciences Corporation (NASDAQ: EXAS) announced that the Company has
retained Leerink Swann LLC to assist the Board of Directors in its
evaluation of strategic alternatives for the business, including, but
not limited to, the sale of EXACT or merger with another entity. EXACT
does not anticipate making another announcement in regard to this
matter unless its Board has approved a definitive transaction.
The Company also announced that, effective today, the Board of
Directors has promoted Jeffrey R. Luber from President to President
and Chief Executive Officer of EXACT Sciences. Mr. Luber will replace
Patrick J. Zenner, who had been serving as interim Chief Executive
Officer of EXACT since July 2007. Mr. Luber will also become a member
of EXACT's Board of Directors. Mr. Zenner has served as a member of
the Board of Directors since 2003 and will continue to serve in his
current role on the Board.
"The Board has strong confidence in Jeff and his team," said
Patrick J. Zenner, Executive Chairman of the Board of Directors, EXACT
Sciences. "We look forward to working with Jeff in his new role as we
explore strategic options for the Company and shareholders."
About EXACT Sciences Corporation
EXACT Sciences Corporation uses applied genomics to develop
effective, patient-friendly screening technologies for use in the
detection of cancer. Certain of its technologies have been licensed to
Laboratory Corporation of America Holdings(R) (LabCorp(R)) for a
stool-based DNA assay developed by LabCorp for colorectal cancer
screening in the average-risk population and marketed by LabCorp under
the name PreGen-Plus(TM). EXACT Sciences believes its genomics-based
technologies will help enable earlier detection of colorectal cancer
so that more people can be effectively treated. EXACT Sciences is
based in Marlborough, Mass. PreGen-Plus, the non-invasive colorectal
cancer screening testing service offered by LabCorp, has not been
approved or cleared by the U.S. Food & Drug Administration.
About Leerink Swann
Leerink Swann is a healthcare-focused investment banking firm that
provides equity research, corporate finance, strategic advisory, and
asset management services for institutional and life sciences clients.
For the past seven years, Institutional Investor has named Leerink
Swann "Best of the Boutiques" in several healthcare categories. For
more information, visit www.leerink.com.
Certain statements made in this press release that are not based
on historical information are express or implied forward-looking
statements relating to, among other things, EXACT Sciences'
expectations concerning, among other things, the initiation of a
process to explore strategic alternatives and future announcements by
EXACT Sciences regarding the status of this process. These statements
are neither promises nor guarantees, but are subject to a variety of
risks and uncertainties, many of which are beyond EXACT Sciences'
control, and which could cause actual results to differ materially
from those contemplated in these forward-looking statements. In
particular, the risks and uncertainties include, among other things,
the level of interest of potential buyers or strategic partners in
engaging in a transaction with EXACT Sciences; the clinical
performance and market acceptance of its technologies; the
reproducibility of its research results in subsequent studies and in
clinical practice; sufficient investment in the sales and marketing of
tests using EXACT Sciences' technologies; the success of its strategic
relationship with LabCorp; the ability to convince Medicare and other
third-party payors to provide adequate reimbursement for EXACT
Sciences' current and future technologies; the ability to convince
medical practitioners to order tests using EXACT Sciences'
technologies; the ability to increase the performance of sDNA testing;
the ability of EXACT Sciences or LabCorp to lower the cost of the sDNA
testing through automating and simplifying key operational processes;
the number of people who decide to be screened for colorectal cancer
using EXACT Sciences' technologies; and the ability to comply with
federal and state statutes and regulations relating to EXACT Sciences'
products and services, including FDA requirements. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. EXACT Sciences undertakes no obligation to update or revise
the information contained in this press release, whether as a result
of new information, future events or circumstances or otherwise. For
additional disclosure regarding these and other risks faced by EXACT
Sciences, see the disclosure contained in EXACT Sciences' public
filings with the Securities and Exchange Commission including, without
limitation, its most recent Annual Report on Form 10-K.
CONTACT: EXACT Sciences Corporation
Jeffrey Luber, 508-683-1275
President and Chief Executive Officer
SOURCE: EXACT Sciences Corporation