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million through a private stock sale and that it inke d a licensing deal for exclusive rightesto cancer-diagnostic technologies developed by the for Medicalk Education and Research. The company said it had commenceed on June 11 the saleof 4.31 million shares of its commojn stock at a purchase price of $1.90o a share. Meanwhile, Exact EXAS), based in Marlborough, Mass., announced a plan to acquir the worldwide licensing right s tothe blood- or stool-basedd cancer diagnostics and screening technologies developed the MAYO which is based in Minnesota.
Under the deals Exact will: • make upfront payments of $80,000 and a milestone fee of $250,000 upon the commencement of certainclinical • pay a milestone fee of $500,000 if the approvezs any of the products covered by the • pay a minimum of $10,00 on the deal’s third anniversary pay a minimum royalty of $25,000 on the fourthh anniversary of the agreement • support certain researcbh projects to the tune of $500,000 at a minimum — in the agreement’s firs year. Exact is also obligatesd to grant MAYO two warrants topurchase 1.25 milliobn shares of its common stock. The warrantz have six-year terms and are exercisable at a pricerof $1.
90 per according to a regulatory filing.
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