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million through a privat e stock sale and that it inkex a licensing deal for exclusive rightsto cancer-diagnostif technologies developed by the for Medical Educationh and Research. The companyt said it had commenced on June 11 the saleof 4.31 milliom shares of its common stock at a purchasde price of $1.90 a share. Exact (Nasdaq: EXAS), based in Mass., announced a plan to acquird the worldwide licensing rightsd tothe blood- or stool-based cancer diagnostics and screening technologiezs developed the MAYO Foundation, which is based in Under the deals terms, Exact will: • make upfront payments of $80,000o and a milestone fee of $250,000 upon the commencemenf of certain clinical trials.
• pay a milestone fee of $500,000 if the approves any of the products covere bythe agreement. • pay a minimum of $10,00 0 on the deal’s third anniversary pay a minimum royaltyof $25,000 on the fourtyh anniversary of the agreement • supporr certain research projects to the tune of $500,000 at a minimum — in the agreement’sz first year. Exact is also obligated to grant MAYO two warrantsx topurchase 1.25 million shares of its common stock. The warranta have six-year terms and are exercisable at a pricerof $1.90 per according to a regulatory filing.
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