University Research Park Breaks Ground on Corporate Headquarters Building for Exact Sciences
MADISON, Wis., Aug. 14, 2018 /PRNewswire/ --
Highlights:
- New building will promote continued innovation and collaboration in pursuit of the early detection of colorectal and other forms of cancer.
- Project will jumpstart next phase of University Research Park's evolution.
- Headquarters will complement laboratory campus under construction at 1 Exact Lane/650 Forward Drive and existing clinical lab at 145 E. Badger Road.
A rapidly-growing company focused on early cancer detection will soon have a permanent home and room to grow at University Research Park (URP) in Madison, Wis.
Today, executives from Exact Sciences and URP broke ground on a new, 138,000 square-foot building, named Innovation One, located between 441 Charmany Drive and 501 Charmany Drive. The building will serve as Exact Sciences' corporate headquarters from which the company will continue its work to eradicate colorectal cancer and combat other cancers through early detection. When complete in early 2020, the building will unite team members and departments currently dispersed across multiple sites in the Madison area.
"From our headquarters, Exact Sciences will continue to lead the war on cancer through early detection," said Kevin Conroy, chairman and CEO of Exact Sciences. "Our product pipeline is strong and we expect this site to be home to new breakthroughs in cancer screening and diagnostics that will better the lives of people around the world."
Since relocating to Madison from Boston in 2009, Exact Sciences has grown from a handful of employees to more than 1,600. Approximately 1,200 of those employees are based in the greater Madison area.
The company's new headquarters building reflects the master plan for URP, which favors walkability and urban density to promote collaboration and more vibrant workspaces. URP expects Exact Sciences' presence and employee base to serve as a catalyst for other development in and around the park.
"The Wisconsin Idea holds that science and innovation should not remain trapped at the University, but rather should be applied to better the lives and health of the people of Wisconsin and the world," said Rebecca Blank, chancellor of the University of Wisconsin-Madison and president of the URP Board of Trustees. "In this spirit, we are thrilled to have the advances of Exact Sciences originating from University Research Park and look forward to the company's continued growth."
A five-story building, Innovation One, will use glass to take advantage of natural light and create a modern space that is simultaneously urban, natural and welcoming. Designed by the architecture firm of Valerio Dewalt Train Associates, the building will be LEED certified and feature environmentally-friendly elements.
"The Innovation One building conveys both Exact Sciences' commitment to innovation and University Research Park's vision for evolution," said David Jennerjahn, principal at Valerio Dewalt Train Associates. "It's designed to be iconic, social, urban and green. The sinuous curving glass curtainwall projects Exact Sciences' role as a leader in the war on cancer and nods at the continuous flow of science and innovation happening within the Research Park."
To create one dynamic headquarters facility, Innovation One will include a two-story link connecting the structure to Exact Sciences' existing 48,000 square foot research facility at 501 Charmany Drive. Exact Sciences will also continue to operate a manufacturing facility at 441 Charmany Drive, which will remain a standalone structure. In total, Exact Sciences anticipates having approximately 500 employees working in the URP.
Exact Sciences' campus at URP, to be named its "Innovation" campus, will complement Exact Sciences' laboratory campus ("Discovery" campus) currently being constructed at 1 Exact Lane/650 Forward Drive and the company's existing clinical laboratory at 145 E. Badger Road ("Legacy" campus). Project development will also include the creation of a pad-ready site for a second tower, Innovation Two, should continued growth prompt Exact Sciences to expand further.
URP has executed a master agreement with Exact Sciences, secured a construction financing commitment from First Business Bank for URP to build Innovation One, and signed a construction contract with Findorff. The City of Madison is providing $2.6 million in tax increment financing (TIF) to URP. URP and Exact Sciences anticipate executing final lease and related agreements, and closing the transactions, in the third quarter of 2018. Findorff will serve as the general contractor to URP and Potter Lawson will be the tenant improvement architect for Exact Sciences.
About University Research Park
University Research Park is a nonprofit corporation affiliated with the University of Wisconsin – Madison and dedicated to building ecosystems where technology and science can flourish. University Research Park is home to more than 140 companies employing approximately 3,800 workers. The park owns and manages approximately 800,000 square feet of office and lab space in Madison, Wisconsin. More information at www.universityresearchpark.org.
About Exact Sciences
Exact Sciences Corp. is a molecular diagnostics company focused on the early detection and prevention of the deadliest forms of cancer. The company has exclusive intellectual property protecting its noninvasive, molecular screening technology for the detection of colorectal cancer. For more information, follow Exact Sciences on Twitter @ExactSciences or find Exact Sciences on Facebook.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, anticipated results of our sales and marketing efforts, expectations concerning payer reimbursement and the anticipated results of our product development efforts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services; the willingness of health insurance companies and other payers to cover Cologuard and adequately reimburse us for our performance of the Cologuard test; the amount and nature of competition from other cancer screening and diagnostic products and services; the effects of the adoption, modification or repeal of any healthcare reform law, rule, order, interpretation or policy; the effects of changes in pricing, coverage and reimbursement for our products and services, including without limitation as a result of the Protecting Access to Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or our products and services; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Contacts:
- Scott Larrivee, Exact Sciences, 608-287-9261, [email protected]
- Aaron Olver, Managing Director, University Research Park, 608-441-8099, [email protected]
SOURCE EXACT SCIENCES CORP
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