Exact Sciences: staff cuts designed to extend cash through 2009

By Lisa Kerner

Charlotte, N.C., Oct. 17 - Exact Sciences Corp. announced a restructuring plan designed to save the company about $1.5 million in 2007 and roughly $2.4 million annually thereafter.

As part of the plan, a total of 21 positions will be eliminated on Oct. 20. The restructuring, as well as reduced salary and fringe benefits, will help to extend Exact Sciences' resources, including $24 million cash on hand, into the first quarter of 2009.

Exact Sciences, based in Marlborough, Mass., develops screening technologies using applied genomics.

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