Shareholder opposed to sale of Exact Sciences to certain buyers, says new product could boost profits

By Lisa Kerner

Charlotte, N.C., Aug. 18 - Exact Sciences Corp. investor Intrinsic Value Asset Management, Inc. is no longer recommending a sale of the company.

Instead, Intrinsic Value expects to pursue all available legal remedies to prevent the sale of the company to any buyer "in which any members of the board of directors or management have an interest," it was reported in a schedule 13D filing with the Securities and Exchange Commission.

In February, Intrinsic Value, an 8.5% shareholder, requested that Exact Sciences' board of directors promptly sell the company with the assistance of an outside investment firm.

According to the filing, the shareholder is aware that Exact Sciences will receive a royalty of 15% of gross sales of ColoSure, a new product to be launched by Laboratory Corp. of American Holdings.

Intrinsic Value believes ColoSure "provides the potential for material future growth in the company's revenues and profits," while operations related to the product are not Exact Sciences' responsibility.

Exact Sciences, based in Marlborough, Mass., develops screening technologies for cancer detection.

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