EXACT acquires MT Technologies' patents
EXACT Sciences Corp has purchased certain assets of fellow US firm MTTechnologies (formerly known as Mosaic Technologies), consisting of intellectual property surrounding the latter's Hybrigel technology. The purchase price for the assets includes almost $1.3 million in cash and warrants to buy 40,000 shares of EXACT' common stock.
The technologies are expected to enhance EXACT's platform technology for sample preparation, which enables the capture and detection of DNA in bodily fluids, and allow it to increase significantly both DNA yield and capture efficiencies, "thus reducing the costs and complexity associated with sample preparation," the company claimed.
EXACT's chief executive, Don Hardison, said: 'it is the first business deal that brings new and complementary technology into the company which should substantially catalyze our efforts to develop the most robust DNA-based assays in the market." The first application will be in the firm's PreGen technology to detect colorectal cancer.
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