In light of Exact Sciences’ recent financial struggles, the company’s CEO Kevin Conroy announced Monday he will no longer run the biotechnology company in downtown Madison.
The company, which specializes in early detection and prevention of cancer, will instead have its headquarters located in University Research Park.
In October, the city of Madison announced a $200 million redevelopment project downtown including a corporate headquarters for Exact Sciences located on Judge Doyle Square.
Shortly after the project was announced, the stock price of Exact Sciences plummeted more than 50 percent after the company’s main product, Cologuard, was not included on the U.S. Preventive Services Task Force’s list of recommended screening tests for colon cancer.
Madison Mayor Paul Soglin assessed the economic costs and benefits of moving forward with the new headquarters in a letter sent to Conroy Oct. 14. He questioned whether Exact Sciences would still fulfill its promise of bringing jobs and economic growth to downtown in light of the decrease in stock price.
Conroy’s response released Monday announced the company would be instead located in University Research Park, but expressed optimism about the relocation in the face of the company’s financial burdens.
“The opportunity to develop a campus allows us to bring our team together and make a prudent investment that benefits the company and community for the long term,” Conroy said in the release.
Exact Sciences currently employs over 400 people, most of whom are UW-Madison graduates. Chancellor Rebecca Blank responded positively to the relocation, reflecting the partnership between the university and Exact Sciences.
“I’m pleased that, through University Research Park, UW-Madison is able to help the city and Exact Sciences find a solution that keeps the company in Madison,” Blank said in a Monday release. “We look forward to continuing to partner with Exact Sciences on workforce development and lifesaving research.”
Soglin said the city will review other development plans for Judge Doyle Square.
