Exact Sciences To Leave Marlborough For Wisc.
Marlborough-based Exact Sciences Corp. has received a $1 million loan from the Wisconsin Department of Commerce to relocate its headquarters and operations to Madison, Wisc.
The company expects to make a significant investment in its relocated operations, creating as many as 150 jobs over five years, as it achieves its commercial milestones, according to an official press release from the state of Wisconsin. The company will use its loan for equipment and working capital related to the relocation.
"We're grateful to Governor Doyle and the Department of Commerce for their support of Exact Sciences Corp.'s relocation to Wisconsin," said Kevin Conroy, the company's president and chief executive, in a prepared statement. "The assistance provided by the governor was a critical part of our relocation decision. We know from past experience that Wisconsin, and the Madison area, in particular, is a great place to build a biotechnology company." Exact Sciences is a molecular diagnostics company focused on colorectal cancer.
Conroy is the former president and chief executive of Third Wave Technologies Inc., a molecular diagnostics company that was acquired last year by Bedford-based Hologic. Third Wave has maintained its operations in Madison.
Exact Sciences' Marlborough headquarters at 100 Campus Dr. is located in one of several buildings that the Marlborough-based switchmaker 3Com originally built.
The buildings in the park are almost always full, according to Tom Wellen, executive director of the Marlborough 2010 Corp., a nonprofit that works on economic development issues in town. Wellen went on to say that while it's disappointing that Exact Sciences is leaving, he knows of companies that have waited years to get space in one of the Campus Drive buildings.
Last week Exact Sciences Corp. closed a deal to privately place $8.2 million worth of its common stock and struck a deal with the Mayo Clinic in Rochester, Minn., to develop noninvasive diagnostics for colorectal cancer under a new licensing and collaboration agreement.
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