GeneNews Limited
TSX : GEN

GeneNews Limited

October 27, 2011 16:22 ET

GeneNews Reports Third Quarter 2011 Financial Results

TORONTO, ONTARIO--(Marketwire - Oct. 27, 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 and nine-month periods ended September 30, 2011.

For the three months ended September 30, 2011, the Company reported a net loss of $997,835, or $0.01 loss per common share, as compared to a net loss of $826,543, or $0.01 loss per common share for the three months ended September 30, 2010. This increase in loss of $171,292 is primarily due to the impact of the International Financial Reporting Standards classification of foreign exchange gains related to its Malaysian subsidiary.

For the nine months ended September 30, 2011, the Company reported a net loss of $3,232,249, or $0.04 loss per common share, as compared to a net loss of $3,587,713, or $0.05 loss per common share for the nine months ended September 30, 2010. This decline in loss of $355,464 is primarily due to the activities of the Company's Malaysian subsidiary for the liver and hepatitis program with the Malaysian Ministry of Health, which was initiated in the third quarter of 2010.

As at September 30, 2011, the Company's unrestricted cash, cash equivalents and short-term investments amounted to $3,021,571.

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

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' lead product, ColonSentry, is the world's first blood test for colorectal cancer. 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) 486-1158
    len@kilmerlucas.com