Exact Sciences in cash squeeze

Exact Sciences Corp. in Marlborough, which is trying to use genomics to develop cancer screening technology, said late Wednesday night it has slashed its operations to preserve its cash, while pursuing a possible sale or other strategic alternatives.

The company said is eliminating eight jobs, cancelling a clinical study and trying to renegotiate its existing obligations.

Exact said it believes the cost-saving measures will extend its cash through at least second quarter of 2009, giving it breathing room to find a partner.
(By Todd Wallack, Globe Staff)