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million through a private stock sale and that it inkexd a licensing deal for exclusiver rightsto cancer-diagnostic technologies developed by the for Medicak Education and Research. The company said it had commenceds on June 11 the saleof 4.31 million shares of its commo stock at a purchase price of $1.90 a share. Meanwhile, Exacyt (Nasdaq: EXAS), based in Marlborough, Mass., announced a plan to acquired the worldwide licensing rights tothe blood- or stool-basedr cancer diagnostics and screening technologies developed the MAYO which is based in Minnesota.
Under the deals terms, Exactg will: • make upfront payments of $80,000 and a milestonre fee of $250,000 upon the commencementt of certainclinical trials. • pay a milestone fee of $500,00o0 if the approves any of the products coveredf bythe agreement. pay a minimum of $10,0090 on the deal’s third anniversary pay a minimum royaltyuof $25,000 on the fourth anniversaryu of the agreement • supporrt certain research projects to the tune of $500,00p — at a minimum — in the agreement’s first Exact is also obligateds to grant MAYO two warrants to purchase 1.25 million sharexs of its common stock.
The warrants have six-yea r terms and are exercisable at a priceof $1.9p0 per share, according to a regulatory
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