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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
July 11, 2001
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(Date of earliest event reported)
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Exact name of registrant as specified in its charter)
DELAWARE 1-11353 13-3757370
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
358 SOUTH MAIN STREET, BURLINGTON, NORTH CAROLINA 27215
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(Address of principal executive offices)
336-229-1127
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Laboratory Corporation of America -Registered Trademark-
Holdings (LabCorp -Registered Trademark-)(NYSE:LH) and EXACT
Sciences Corporation (NASDAQ:EXAS) announced that they have
signed an agreement for the licensing of EXACT Sciences'
proprietary genomics-based technologies to LabCorp. Under the
agreement, for a specified period of time, LabCorp will be the
only national clinical laboratory to offer testing services
based on certain of EXACT Sciences' proprietary technologies for
the detection of colorectal cancer. As part of the licensing
arrangement, EXACT Sciences will receive an upfront payment and
licensing fees on the amount of testing performed.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibit
20 Press release of the Company dated
July 11, 2001.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
LABORATORY CORPORATION OF AMERICA HOLDINGS
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(Registrant)
By:/s/ BRADFORD T. SMITH
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Bradford T. Smith
Executive Vice President,
General Counsel, Secretary
and Compliance Officer
Date: Ju1y 11, 2001
Laboratory Corporation of America-Registered Trademark- Holdings
358 South Main Street
Burlington, NC 27215
Telephone: 336-584-5171
FOR IMMEDIATE RELEASE
LabCorp Contact: 336-436-4855
Pamela Sherry
LabCorp Shareholder Direct: 800-LAB-0401
www.labcorp.com
EXACT Sciences Contact: Amy Hedison
978-897-2800, ext. 252
ahedison@exactsciences.com
EXACT SCIENCES AND LABORATORY CORPORATION OF
AMERICA SIGN LICENSING AGREEMENT FOR TESTING
SERVICES BASED UPON EXACT SCIENCES' GENOMICS-
BASED TECHNOLOGIES
Burlington, NC - July 11, 2001 - EXACT Sciences Corporation
(NASDAQ: EXAS) and Laboratory Corporation of America-Registered
Trademark- Holdings (LabCorp-Registered Trademark-) (NYSE:LH)
announced today that they have signed an agreement for the licensing of
EXACT Sciences' proprietary genomics-based technologies to LabCorp.
Under the agreement, for a specified period of time, LabCorp will be the
only national clinical laboratory to offer testing services based on certain
of EXACT Sciences' proprietary technologies for the detection of
colorectal cancer. As part of the licensing arrangement, EXACT Sciences
will receive an upfront payment and licensing fees on the amount of
testing performed.
LabCorp will utilize its specialty sales force to offer testing for the
detection of colorectal cancer based on EXACT Sciences' technologies.
The first testing services offered by LabCorp using these technologies will
be to detect the presence of cancer in those patients who are
predisposed to a syndrome known as Hereditary Non-Polyposis
Colorectal Cancer (HNPCC). EXACT Sciences recently introduced its
PreGen-26-Trademark- test for the HNPCC market, which is based on
the same proprietary genomics-based technology as that licensed to
LabCorp. Over time, EXACT Sciences and LabCorp expect to offer
broader testing services based on EXACT Sciences' proprietary
genomics-based technologies to the larger high-risk and average-risk
populations.
"We are extremely pleased to be working with LabCorp on the
commercialization of the technologies that form the basis of our PreGen-
Trademark- tests," said Don Hardison, EXACT Sciences' President and
CEO. "LabCorp is a pioneer in offering DNA-based molecular testing
services, and we cannot think of a better partner to help us introduce our
proprietary genomics-based technologies into the national marketplace.
With LabCorp's experience in esoteric and molecular testing, as well as
its extensive distribution network, we believe we will have a significant
impact on reducing mortality from colorectal cancer by expanding the
availability of our genomics-based technologies to detect cancer."
"We are confident that this is the beginning of a long and mutually
beneficial relationship," stated Tom Mac Mahon, LabCorp's Chairman and
CEO. "We believe that the future of the clinical laboratory business lies in
the area of genomics-based technologies and are therefore very excited
to be working with a pioneer such as EXACT Sciences. The signing of
this agreement is a fundamental part of LabCorp's strategic plan to be the
leading provider of esoteric testing services in the country."
About EXACT Sciences Corporation:
EXACT Sciences Corporation is an applied genomics company that has
developed proprietary technologies that may be used for the early
detection of several common cancers. EXACT Sciences has selected
colorectal cancer as the first application of its technologies. Colorectal
cancer is the most deadly cancer among non-smokers, and is curable if
detected early. Despite the availability of colorectal cancer screening and
diagnostic tests for more than 20 years, the rate of early detection of
colorectal cancer remains low. EXACT Sciences believes its genomics-
based technologies will enable early detection of colorectal cancer so that
more people can be effectively treated. Founded in 1995, EXACT
Sciences is based in Maynard, Mass. Detailed information on EXACT
Sciences can be found on the World Wide Web at
www.exactsciences.com. Information on EXACT Sciences also is
available at 866-IR4-EXAS.
About Laboratory Coporation of America:
The first clinical laboratory to fully embrace genomic testing, Laboratory
Corporation of America-Registered Trademark- Holdings (LabCorp-
Registered Trademark-) has been a pioneer in commercializing new
diagnostic technologies. As a national laboratory with annual revenues of
$1.9 billion in 2000 and over 18,000 employees, the company offers more
than 4,000 clinical tests ranging from simple blood analyses to
sophisticated molecular diagnostics. Serving over 200,000 clients
nationwide, LabCorp leverages its expertise in innovative clinical testing
technology with its Centers of Excellence. The Center for Molecular
Biology and Pathology, in Research Triangle Park (RTP), North Carolina,
develops applications for polymerase chain reaction (PCR) technology.
LabCorp's National Genetics Institute in Los Angeles is an industry leader
in developing novel, highly sensitive PCR methods for testing hepatitis C
and other infectious agents, and its Center for Esoteric Testing in
Burlington, North Carolina, performs the largest volume of specialty
testing in the network. LabCorp's clients include physicians, state and
federal government, managed care organizations, hospitals, clinics,
pharmaceutical and Fortune 1000 companies, and other clinical
laboratories.
This press 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. These
statements are subject to a variety of risks and uncertainties, many of
which are beyond EXACT Sciences' and LabCorp's control. These risks
and uncertainties could cause actual results to differ materially from those
contemplated in these forward-looking statements. Existing and
prospective investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
EXACT Sciences and LabCorp undertake no obligation to update or
revise the information contained in this press release, whether as a result
of new information, future events or circumstances or otherwise. For
additional information regarding the risks faced by EXACT Sciences, see
the disclosure contained in EXACT Sciences' public filings with the
Securities and Exchange Commission including, without limitation, its
Form 10-K for the year ended December 31, 2000 and subsequent Forms
10-Q; for the risks faced by LabCorp, see the disclosure contained in
LabCorp's public filings with the Securities and Exchange Commission
including, without limitation, its Form 10-K for the year ended December
31, 2000 and subsequent Forms 10-Q.