Transcript for New at Home Colon Cancer Test Could Change the Course of History
Well we turn -- to a topic that has touched so many of our lives and a major scientific breakthrough colon cancer is the fourth most common type of tumor. And was responsible for 51000. Deaths in the US last year the American Cancer Society. Recommends that beginning at age fifty both men and women start getting screened but. So many about 13 of us they failed to do that enter a new act home test that was just approved by the FDA it could help in early detection. And really changed the course of history. I want to bring in now is our next guest Kevin Conroy he is president and CEO and chairman of exact sciences so nice to have you with us have thank you Rebecca so this is it. This is that. Is the attic and test that we have -- -- -- yes accurate. You can do -- in the privacy of your own home. We develop it with the Mayo Clinic that most advanced technology DNA detection technology goes into this. And it's really really a potentially life -- test and what is it what is it going to tell me. What is going to say is you if it's positive thing you need to go get a colonoscopy. And if it's negative you've been screened for cancer and talk to your doctor about the next time you need to be screened. One of the things that holds people back from going to get a colonoscopy in addition to just the idea of having to schedule that appointment and make it happen. Is in the basin as its. The fact that you have to do a lot. -- to actually get to the point of -- -- ask you eat differently you -- -- differently in preparation for how does that work with -- -- so. -- announced it's a great test there eighty million people who should be strained. Only forty million -- -- be getting a colonoscopy so that's forty million people marketing screen here your doctor orders -- test. The test is delivered to your home by UPS. You provide a sample in the privacy of your own home you call UPS they come back and collect -- Kent and lucky UPS man exactly. And they returned and to our lab and the lab provides a patient report directly to your position so it's really easy and a very quick turnaround time a very quick turnaround time. So now that you have an -- here proof to some insurance providers are covering this Medicare ice is covering it what kind of -- -- the individual have to pay to do this test so we have proposed to Medicare that the test be priced at 502 dollars and we expect Medicare to make a decision quickly. The list price of the test is 599. Dollars and we expect that most insurers will cover this test. As part of the preventative care part of the Affordable Care Act. Tests that are included in certain guidelines. There's no out of pocket we expect eventually Coker will be one of those tests. And you have -- FDA approved at this point since FDA approval for for people who aren't as familiar with this whole process. -- -- troops two weeks ago it. What what happened to business since you were approved well. We've had doctors and rolling very quickly so that they can order -- apparently have a 120 person sales force. Who's out educating physicians about this test. And position sign up that the web site called guard test dot com or physicians and patients can go and learn. Everything they need to know about -- and how easy it is to use and how accurate. And and one of the one of the big questions for companies like yourself is the FDA approval process. -- going through that process and you say yes like you -- know where I'm going with this because it is an onerous process and there are a lot of people out there who argued that it shouldn't be so onerous that. There's a lot of medication and potential test that could make things a lot simpler less expensive that -- make it to market because of that process. Well I think the interesting thing here is that wasn't the case FDA in Medicare worked with us and created a special program to take -- guard. Through a parallel process of review. We ran -- 101000 patient study an FDA and C amounts have been great work -- And it's been great for your stock price yet it has been great for our stock price so investors have been rewarded and it's a -- problem and a huge market. Again eighty million Americans. Who need to be regularly screened. Right now the amazing thing is we're spending fourteen billion dollars here in this country 75%. Of that -- Medicare to treat colon cancer. If we spent that money upfront. Screening we can eradicate the disease and that is our goal. Fantastic and and one last question from a the stamp when an exact sciences. What other types of things -- you have in the pipeline right now what else what other groundbreaking things might we see for -- what -- What we are working on with the same collection device to be able to collect the sample and attack. The cancers above the cold in the pancreas and stomach in the esophagus which together account for -- 100000 deaths. Plus another 50000 deaths per year in the -- so. We think we can do this were working with the Mayo Clinic on it it may be may take some time but that's what we're intently focused well I think. Anybody out there who is hoping to see the eradication of these types of diseases is rooting for you and -- certainly like it I mentioned the stock it's up 81%. Here today. Thank you very much Rebecca thank you so much for joining us appreciate it.
This transcript has been automatically generated and may not be 100% accurate.