Madison-based Exact Sciences says it’s cutting about 350 jobs, or 5% of its workforce, in response to inflation, market volatility, and a need to simplify its organization.

The cuts include about 250 jobs in Madison, the cancer-detection company best known for its Cologuard product said in a statement.

Affected employees will receive severance packages, outplacement services, and the opportunity to apply for one of 200 open roles across the company.

“We remain deeply committed to Madison and expect to be part of its future for years to come,” the statement said.

Earlier this year, Exact Sciences announced a $350 million expansion in Madison that was expected to create more than 1,300 jobs.

Hiring would take place in research and product development, laboratory work, patient support, engineering, finance, human resources, and other areas. The plans included the creation of more than 500 jobs at the company's laboratories on Madison’s southwest side, 215 positions in research and development, 115 in patient support, and 530 in other categories.

The job cuts announced this week will not affect long-term growth plans, according to the company.

“While our business remains strong, the impact of inflation, market volatility, and the prioritization of the programs that will have the greatest impact on improving cancer care have resulted in the need to allocate our workforce and resources more closely to our highest priority programs,” it said.

Last week, the company reported a third-quarter loss of  nearly $149 million, or 84 cents per share, on revenue of $523 million.

Cancer-screening revenue was $360.8 million, up 29% from a year earlier.

This article originally appeared on Milwaukee Journal Sentinel: Exact Sciences is cutting 350 jobs including around 250 in Madison