MADISON, Wis. - The Madison-based company that specializes in the detection of early stage cancers announced Thursday that it will invest $350 million to expand its work in Wisconsin.
Exact Sciences said in a statement the expansion at its Madison campuses, including a new research and development center, could eventually create an additional 1,300 jobs.
The cancer screening and diagnostics company may be best known for its noninvasive colorectal cancer screening test, Cologuard. The DNA stool sample test was approved by the Food and Drug Administration in 2014 and has been used more than 7 million times, according to Exact Science.
"Continued investments in our Wisconsin-based people and facilities will accelerate the development of new cancer tests and ensure we continue providing world-class service and critical answers to patients," said Kevin Conroy, Exact Sciences chairman and CEO.
The company said its expansion includes three project categories. A new research and development facility will help enhance its flagship product, Cologuard, and continue work on multi-cancer early detection, the statement said.
A new laboratory will include the latest technology and automation to increase overall testing capacity and support development of Cologuard.
Also, additional warehouse space will support the production lab and the research and development center.
Wisconsin Economic Development Corp. board recently authorized increasing Exact Science's Enterprise Zone tax credits from $9 million to $27.5 million if the company creates at least 1,300 new jobs and invests at least $350 million in capital expenditures by 2025.