Shares of Exact Sciences Corp. EXAS gained more than 7% in premarket trading Wednesday after the company released results from a study of its next-generation Cologuard, a non-invasive colorectal cancer screening test. In a study with 20,000 participants age 40 and older, the updated version of the test correctly detected cancer in 94% of cases and correctly produced negative results 91% of the time, the company said in a release. Exact Sciences said it plans to complete its FDA submission for next-generation Cologuard by the end of the year. Colorectal cancer is the third most common cancer diagnosed in the U.S., with more than 150,000 new cases expected this year, according to the American Cancer Society.
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