GeneNews Limited
TSX : GEN

GeneNews Limited

May 18, 2011 16:10 ET

GeneNews Reports First Quarter 2011 Financial Results

TORONTO, ONTARIO--(Marketwire - May 18, 2011) - GeneNews Limited (TSX:GEN), a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today reported operational and financial results for the three-month period ended March 31, 2011.

For the three months ended March 31, 2011, the Company reported a consolidated net loss of $1,144,304, or $0.02 loss per common share, as compared to a consolidated net loss of $1,432,401, or $0.02 loss per common share for the three months ended March 31, 2010.

As at March 31, 2011, the Company's unrestricted cash, cash equivalents and short-term investments amounted to $1,356,226. The Company noted that this amount does not include any proceeds from the early warrant exercise incentive program and conversion opportunity that was previously announced on April 18, 2011, and expected to close on or about June 8, 2011, with significant insider participation.

The Company's financial statements and management's discussion and analysis are available on www.sedar.com.

"We are looking forward to expanding our commercial footprint beyond Canada this year as our partners prepare to launch ColonSentry in the United States, China and Malaysia. We also continue to engage with potential strategic partners to establish our Sentinel Principle technology platform as an industry standard," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.

About GeneNews

GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle®, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews launched its first commercial product, ColonSentry™, a blood-based test to pre-screen and assess an individual's risk for colorectal cancer, in Canada in 2008. The company's marketing partners, GeneDiagnostics, Enzo Clinical Labs and GeneNews Diagnostics, are expected to launch the ColonSentry™ test in the United States, Malaysia and China in 2011. For more information on GeneNews and ColonSentry™, visit www.genenews.com or www.ColonSentry.com.

Forward-Looking Statements

This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.

Contact Information

  • Company Contact:
    GeneNews Limited
    Gailina Liew
    President & COO
    Office: (905) 739-2036 or Mobile: (416) 844-0649
    gliew@genenews.com

    Investor Contact:
    Kilmer Lucas Inc.
    Stephen Kilmer
    Office: (212) 618-6347
    stephen@kilmerlucas.com

    Media Contact:
    Kilmer Lucas Inc.
    Leonard Zehr
    Office: (905) 690-2400 X41
    len@kilmerlucas.com