EXACT Therapeutics

What EXACT Therapeutics does

EXACT Therapeutics AS is a clinical-stage precision medicine company developing Acoustic Cluster Therapy (ACT), a proprietary ultrasound-activated drug delivery platform for oncology. The company's lead asset, PS101, is an investigational pro-drug formulation of perfluorobutane microbubbles and perfluoromethylcyclopentane microdroplets that, when injected intravenously and insonated with dual-frequency ultrasound at the tumor site, expands into transient ~22 μm bubbles lodged in tumor vasculature. Subsequent low-frequency, low mechanical index ultrasound pulses induce oscillations that increase vascular permeability, enabling co-administered drugs to penetrate approximately 100 microns (10 cell layers) into tumor tissue. ACT has demonstrated reproducible uptake across the blood-brain barrier in preclinical models, supporting its extension into CNS indications.

The company's clinical pipeline is anchored by the Phase 2 ENACT trial (up to 25 patients at sites in the U.S., U.K., and Europe) evaluating ACT with modified FOLFIRINOX in first-line locally advanced pancreatic cancer, and the completed Phase 1 ACTIVATE trial in liver metastases from colorectal cancer. The technology is protected by granted patents in the U.S., U.K., Japan (valid through 2040), and additional territories, and the company has established complementary research collaborations with Agenus Inc. (immuno-oncology) and Cordance Medical (brain drug delivery). A 4-year exclusive partnership with GE HealthCare covers development and supply of ultrasound probes and consoles, with GE HealthCare also serving as cornerstone investor following a NOK 145M private placement in December 2024.

EXACT generates no commercial revenue. Its primary near-term value driver is the interim efficacy read-out from the ENACT trial expected mid-2026, with the company raising additional capital in February 2026 via warrant exercises (NOK 59.4M gross proceeds, 96% participation). The Board announced strategic intent in May 2026 to delist from Euronext Growth Oslo to access specialized international venture capital as a private company, subject to AGM approval on June 12, 2026. The company is headquartered in Oslo, Norway, has 1-10 employees, and operates with a shareholder structure already heavily concentrated among the top 20 holders (~87% of shares).

Name

EXACT Therapeutics

Legal name

EXACT Therapeutics AS

Website

https://exact-tx.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

EXACT Therapeutics is a clinical-stage Norwegian biotech developing Acoustic Cluster Therapy (ACT), a proprietary ultrasound-activated drug delivery platform using its investigational pro-drug PS101 to enhance chemotherapy penetration into solid tumors, with Phase 2 trials in pancreatic cancer and earlier programs in liver and brain cancers.

Ownership category

akta.pro rank

Product category

Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Clinical Development (Phase I–III Trial Design & Execution) (HLAIALAE)

akta.pro secondary industries

Theranostic Radiopharmaceutical Platforms (Paired Dx/Tx) (HLAIAGAC), In Vivo Discovery & Translational Models Platforms (humanized models, PK/PD, efficacy) (HLAAAIAK)

Keywords

• Acoustic cluster therapy
• Ultrasound drug delivery
• Oncology clinical trials
• Microbubble therapeutics
• Pancreatic cancer treatment

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Not yet commercial: EXACT Therapeutics is a clinical-stage precision medicine company and is not yet generating commercial revenue. The company is focused on developing its ACT technology through Phase 2 clinical trials in pancreatic cancer and liver metastases. Future revenue will depend on successful clinical development and regulatory approval.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

EXACT Therapeutics is developing Acoustic Cluster Therapy (ACT), a proprietary ultrasound-activated drug delivery platform. Its lead investigational product PS101 is a pro-drug formulation of perfluorobutane microbubbles and perfluoromethylcyclopentane microdroplets that, when activated by dual-frequency ultrasound over a tumor, expands into transient ~22 μm clusters which increase vascular permeability and enable co-administered oncology drugs to penetrate approximately 100 microns (10 cell layers) into tumor tissue and across the blood-brain barrier. The company is currently advancing the Phase 2 ENACT trial in pancreatic cancer and the completed Phase 1 ACTIVATE trial in liver metastases.

Product overview

EXACT Therapeutics is a clinical-stage precision medicine company developing Acoustic Cluster Therapy (ACT®), a proprietary ultrasound-activated drug delivery technology. The company's core offering is PS101, an investigational pro-drug formulation consisting of perfluorobutane microbubbles and perfluoromethylcyclopentane microdroplets that is activated with dual-frequency ultrasound. PS101 is administered intravenously and insonated over the tumor site, where it triggers expansion into transient ACT bubbles (~22 μm) that increase vascular permeability and promote transvascular and stromal penetration of co-administered drugs. The ACT technology platform has demonstrated reproducible and significant uptake through targeted delivery into tumors and across the blood-brain barrier. The company is currently advancing the Phase 2 ENACT trial in locally advanced pancreatic cancer and has completed the Phase 1 ACTIVATE trial in liver metastases from colorectal cancer. ACT may be combined with a wide range of therapeutic agents within oncology and across other indications including brain diseases.

Differentiator

Problem solved

Functional benefit

Products and services

• PS101 Investigational pro-drug formulation consisting of perfluorobutane microbubbles and perfluoromethylcyclopentane microdroplets. When injected intravenously and activated with dual-frequency ultrasound directed at the tumor site, PS101 expands into transient Acoustic Cluster Therapy bubbles (~22 μm) in tumor vasculature. Subsequent low-frequency ultrasound pulses induce oscillations that increase vascular permeability and enable co-administered drugs to reach approximately 100 microns (10 cell layers) from capillaries. Indicated for investigational use in oncology (pancreatic cancer, liver metastases) and CNS applications.
• Acoustic Cluster Therapy (ACT) Platform Proprietary ultrasound-activated drug delivery platform. PS101 is administered intravenously and insonated over target tissue with high-frequency ultrasound to form ACT bubbles temporarily lodged in capillaries, followed by low-frequency insonation that induces oscillation and enhances delivery of concurrently administered drugs to target tissues. Demonstrated reproducible uptake through targeted delivery into tumors and across the blood-brain barrier. EXACT retains all worldwide commercial rights.
• ENACT Phase 2 Clinical Trial Multi-centre, open-label Phase 2 clinical trial (ClinicalTrials.gov NCT06850623) testing ACT in combination with modified FOLFIRINOX chemotherapy in first-line patients with borderline resectable or unresectable locally advanced pancreatic cancer. Enrolling up to 25 patients at hospital sites in the U.S., U.K., and Europe.
• ACTIVATE Phase 1 Clinical Trial Multi-centre, single-arm, open-label Phase 1 trial (ClinicalTrials.gov NCT04021277) assessing safety, tolerability, pharmacokinetics, and preliminary anti-cancer activity of ACT with FOLFOX or FOLFIRI chemotherapy in patients with liver metastases of colorectal origin. Each patient served as their own control with within-patient comparison between ACT-treated and control lesions. Trial enrolled 11 patients at U.K. sites.

Quantifiable outcome

• In ACTIVATE Phase 1 trial: ACT-treated tumors showed significantly greater reduction in diameter compared to control tumors (-29% vs -7%, p<0.05)
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Cordance MedicalminorStrategic or Co-development Partner · 28 January 2025EXACT Therapeutics and Cordance Medical announced early encouraging data showing more than a doubling (+127-145%) of the uptake of a radiopharmaceutical in brain tumors of mice with glioblastoma using ACT combined with Cordance Medical's NeuroAccess device for non-invasive ultrasound energy delivery into the brain.
• GE HealthCarecoreTechnology or Integration · 2 December 2024Under the collaboration agreement, EXACT-Tx exclusively works with GE HealthCare for development and supply of probes and consoles for clinical studies. GE HealthCare is a global leader in medical technology providing the ultrasound equipment necessary for ACT delivery.
• Agenus Inc.coreStrategic or Co-development Partner · 8 October 2024EXACT Therapeutics initiated a preclinical research collaboration with Agenus Inc. (NASDAQ: AGEN) to explore the combination of Agenus' proprietary immune checkpoint inhibitors with EXACT's Acoustic Cluster Technology (ACT) in pancreatic cancer models. This collaboration substantiates EXACT's work in cancer-immunotherapy and extends the company's announcement of its first immunotherapy patent grant.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• SonALAsense: Clinical-stage company developing sonodynamic therapy using ultrasound-activated agents for brain tumors (DIPG) and other cancers. Directly comparable to EXACT's ultrasound-activated drug delivery approach, particularly for CNS applications where both companies pursue BBB-penetrating ultrasound-mediated therapy.
• Nanospectra Biosciences: Clinical-stage company developing AuroShell (gold nanoshell) particle-mediated therapy activated externally for tumor ablation. Comparable as a platform using externally-activated nanoparticles/microbubbles to enhance or deliver cancer therapy with spatial control.
• HistoSonics: Commercial-stage company developing histotripsy, a non-invasive ultrasound platform for destroying liver tumors. Comparable as a focused-ultrasound oncology platform that mechanically disrupts tumor tissue, representing a competing non-invasive ultrasound modality for solid tumor treatment.
• Profound Medical: Commercial-stage company commercializing TULSA-PRO, an MRI-guided transurethral ultrasound ablation system for prostate disease. Comparable as a therapeutic ultrasound platform company targeting oncology indications with non-invasive ultrasound-based interventions.
• Insightec: Commercial-stage company developing focused ultrasound platforms for non-invasive neurosurgery and oncology applications. Comparable as a therapeutic ultrasound platform company, though focused on thermal ablation rather than drug delivery enhancement.

Broad incumbents

• Telix Pharmaceuticals: Commercial-stage radiopharmaceutical company developing diagnostic and therapeutic agents for oncology, including PSMA-targeted imaging and therapy. Comparable as EXACT's preclinical combination of ACT with radiopharmaceuticals for brain cancer overlaps with Telix's radiopharma franchise, indicating adjacent/competing theranostic approaches.
• Lantheus Holdings: Commercial-stage radiopharmaceutical company with a portfolio including Pylarify (PSMA PET imaging) and oncology-focused radiodiagnostics. Comparable as a broader oncology radiopharma player whose theranostic platform intersects with EXACT's combination strategy for ACT + radiopharmaceuticals in solid tumors.

Emerging players

• Cordance Medical: Early-stage company developing the NeuroAccess device for non-invasive focused ultrasound delivery across the blood-brain barrier. Directly relevant as an active collaboration partner of EXACT for BBB-penetrating ultrasound-enabled drug delivery in glioblastoma, with overlapping CNS-focused ultrasound delivery technology.

Others

• Agenus Inc. Clinical-stage immuno-oncology company developing immune checkpoint inhibitors and other immunotherapies. Comparable as an active collaboration partner of EXACT combining its checkpoint inhibitors with ACT in pancreatic cancer models, representing a complementary rather than competing therapeutic modality.
• GE HealthCare: Global medical technology company and ultrasound equipment manufacturer that is both the spin-out parent of EXACT Therapeutics and its exclusive probe/console supplier and cornerstone investor. Comparable as the infrastructure/equipment partner on which ACT clinical and commercial deployment depends.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ExactTx
• LinkedInlinkedin.com/company/exact-tx

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EXACT Therapeutics