SEATTLE - TwinStrand Biosciences announced a significant licensing agreement with Exact Sciences Corp (NASDAQ: NASDAQ:EXAS), a leading provider of cancer screening and diagnostic tests, granting exclusive rights to its innovative Duplex Sequencing technology. This agreement, announced today, allows Exact Sciences to use, commercialize, and sublicense the intellectual property related to cell free nucleic acid sequencing.
Duplex Sequencing is a breakthrough error-correction technology that enhances the accuracy of next-generation sequencing up to 10,000-fold. This increased precision is crucial for detecting ultra-low frequency mutations often obscured by technical noise in the sequencing process. The technology is expected to bolster Exact Sciences' capabilities in early cancer detection and precision oncology.
Kevin Conroy, CEO of Exact Sciences, emphasized the importance of this partnership in accelerating the discovery and delivery of precise cancer diagnostic solutions. He noted that integrating TwinStrand's technology will significantly improve the company's offerings to patients and healthcare providers.
Chad Waite, Chairman of TwinStrand Biosciences, expressed confidence in Exact Sciences as the right partner to advance the diagnostic accuracy of their patented technology, especially in cancer detection and monitoring.
TwinStrand Biosciences, known for its foundational Duplex Sequencing technology, has authored numerous peer-reviewed articles and holds a portfolio of over 150 patents and patent applications. The company's technology is instrumental in identifying genomic variants that conventional methods cannot detect, providing clearer insights across various scientific fields.
Exact Sciences is renowned for its life-changing cancer screening and diagnostic tests, including the Cologuard® and Oncotype® tests. The company is actively developing innovative solutions to address cancer care continuum needs.
InvestingPro Insights
As Exact Sciences Corp (NASDAQ: EXAS) embarks on its strategic partnership with TwinStrand Biosciences, it's key to understand the company's financial health and market position. According to InvestingPro data, Exact Sciences boasts a market capitalization of $8.44 billion, underscoring its significant presence in the cancer diagnostics market. The company's dedication to innovation and accuracy in cancer detection is further highlighted by its commitment to advanced technologies like Duplex Sequencing.
While Exact Sciences is a leader in the provision of cancer screening and diagnostic tests, InvestingPro Tips indicate that analysts do not expect the company to be profitable this year and it has not been profitable over the last twelve months. This is reflected in the company's negative P/E ratio of -35.15, which adjusts to -28.95 when considering the last twelve months as of Q1 2024. In addition, Exact Sciences does not pay a dividend, which suggests that the company is likely reinvesting its earnings into research and development, as well as into strategic initiatives like the one with TwinStrand Biosciences.
Despite these financial metrics, the company's revenue growth remains positive, with a 15.21% increase over the last twelve months as of Q1 2024. This indicates that Exact Sciences is growing its top-line figures, which could be bolstered by the integration of TwinStrand's Duplex Sequencing technology into its product offerings. For readers interested in a deeper dive, there are additional InvestingPro Tips available on the platform, providing more nuanced insights into Exact Sciences' financial performance and market trajectory.
Investors and stakeholders in the genomics and diagnostics space will closely watch how this partnership impacts Exact Sciences' financials and market position in the coming quarters. With 47 more InvestingPro Tips available on https://www.investing.com/pro/EXAS, those interested can tap into a wealth of expert analysis and forecasts.
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