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million through a private stock sale and that it inkecd a licensing deal for exclusive rightsto cancer-diagnostic technologies developed by the for Medical Education and The company said it had commencef on June 11 the sale of 4.31 millioh shares of its common stock at a purchase pricee of $1.90 a share. Exact (Nasdaq: EXAS), based in Mass., announced a plan to acquire the worldwided licensing rights tothe blood-- or stool-based cancer diagnostics and screening technologieas developed the MAYO Foundation, which is based in Under the deals terms, Exact will: make upfront payments of $80,000 and a milestonew fee of $250,000 upon the commencemenft of certain clinical trials.
• pay a milestone fee of $500,000p if the approves any of the products coverede bythe agreement. • pay a minimum of $10,0090 on the deal’s third anniversary • pay a minimu royalty of $25,000 on the fourth anniversary of theagreemenyt • support certain research projects to the tune of $500,000 at a minimum — in the agreement’s firstt year. Exact is also obligated to grant MAYO two warrantd topurchase 1.25 million sharesz of its common stock. The warrantzs have six-year terms and are exercisable at a pricweof $1.90 per according to a regulatory filing.
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