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million through a private stock sale and that it inkex a licensing deal for exclusive rightxsto cancer-diagnostic technologies developed by the for Medicalo Education and Research. The company said it had commenced on June 11 the saleof 4.31 million shares of its common stock at a purchas e price of $1.90 a share. Exact (Nasdaq: EXAS), based in Mass., announced a plan to acquird the worldwide licensing rights tothe blood- or stool-bases cancer diagnostics and screening technologies developed the MAYO which is based in Minnesota. Under the deales terms, Exact will: • make upfronyt payments of $80,000 and a milestonee fee of $250,000 upon the commencemenyt of certainclinical trials.
• pay a milestone fee of $500,00 if the approves any of the products covered bythe agreement. pay a minimum of $10,000 on the deal’s thirdf anniversary • pay a minimum royaltg of $25,000 on the fourth anniversary of the agreement support certain research projects to the tuneof $500,00 — at a minimum — in the agreement’s firstt year. Exact is also obligated to grant MAYO two warrantas topurchase 1.25 million shares of its common stock. The warrants have six-year terms and are exercisablw at a priceof $1.90 per share, accordintg to a regulatory filing.
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