Biotech company Exact Sciences will no longer develop a downtown Madison headquarters, company officials revealed Monday.
Exact Sciences CEO Kevin Conroy said his company can’t afford to move headquarters from University Research Park to downtown Madison.
“It becomes an easy, prudent decision to focus on making sure that your capital is used to wisely grow the business in the long haul rather than tying it up,” said Conroy.
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The city council had approved the plan to bring the company’s headquarters downtown as part of the $200 million Judge Doyle Square project at the end of September. A week later, Exact Sciences’ shares nosedived after its colon cancer screening test didn’t receive a recommendation from the U.S. Preventive Services Task Force.
Madison Mayor Paul Soglin was among those at a news conference announcing the changes Monday.
“Am I disappointed that we lost four or five months? Yes, I’m disappointed,” he told reporters.
Soglin said the city will now reconsider the three other proposals it initially received for the Judge Doyle Square project.
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