MADISON, Wis. (AP) — A Wisconsin company is seeing success after facing issues over an attempted move into new office space.
Sales of Exact Sciences Corp.'s Cologuard DNA stool test for colorectal cancer are on the rise and its stock is hitting record highs, the Wisconsin State Journal reported.
The company tried to move to a downtown Madison location in 2015, but some questioned Exact's long-term viability and didn't like the company's nearly $47 million request in public money, some of which would've gone toward relocation costs. The U.S. Preventive Services Task Force rated the company in a draft report as an "alternative" option, not a primary choice, which sent Exact's stock plummeting.
Instead, Exact opted to add to its facilities at University Research Park on Madison's west side. Now its new research and development center is fully occupied, and the company is looking for more space to grow.
A final report from the task force showed Cologuard is on the same level as similar screening tests.
This year Exact expects to process 470,000 Cologuard tests.
"Being on this mission to help win the war against cancer is incredibly exciting," said Kevin Conroy, the company's president, CEO and chairman. "In particular, working in the research and development facility brings you really close to the advancement that we're making to be able to detect cancer really early from a simple blood draw."
About two-thirds of activity at the company's facilities is focused on improving the Cologuard, Conroy said.
The company is working with Mayo Clinic on at least seven more products that would screen for cancer.