Exact makes non-cash correction

Exact Sciences (Marlborough, Massachusetts) issued a non-cash correction to its third 3Q07 financial results release dated Oct. 22. The correction relates to the company’s accounting for certain stock option modifications under Financial Accounting Standards No. 123(R), resulting in additional non-cash stock-based compensation charges of approximately $0.6 million in the three and nine months ended Sept. 30, 2007, compared to the amounts reported in the Oct. 22 press release.

In connection with Exact’s previously announced management changes and restructuring in July, the company, in concurrence with its independent registered public accounting firm, recorded $0.3 million in non-cash stock-based compensation in the three and nine months ended Sept. 30.

Exact makes screening technologies for use in the detection of cancer.

Aspect Medical enters shareholder amendment

Aspect Medical Systems (Norwood, Massachusetts) said that it has entered into an amendment to the shareholder rights plan that it initially adopted in November 2004. The amendment was adopted to align Aspect’s rights plan with its recently completed convertible debt offering and its repurchase of a substantial number of the shares of its common stock previously held by Boston Scientific (Natick, Massachusetts).

Aspect’s rights plan generally provides that specified shareholder rights will become exercisable if a person, other than an exempted person, acquires beneficial ownership of 17.5% or more of the company’s common stock, unless the transaction is approved by Aspect’s board of directors.