GeneNews Reports Third Quarter 2012 Financial Results
TORONTO, Nov. 12, 2012 (GLOBE NEWSWIRE) -- 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 September
Results were characterized by the positive response to the commercial launch
of ColonSentry®, the world's first blood test to assess an individual's
current risk for colorectal cancer, by the Company's U.S. marketing partner,
Enzo Clinical Labs ("Enzo").
For the three months ended September 30, 2012, total revenues were $157,692,
an increase of 258% from $43,999 for the same period in 2011 and a 180%
increase from $56,304 from the three month period ended June 30, 2012. The
Company reported a third quarter loss of $1,427,467, or $0.01 loss per common
share, as compared to a net loss of $997,835, or $0.01 loss per common share,
for the three months ended September 30, 2011.
"While our financial statements continue to reflect the early stages of
commercialization of the ColonSentry® test in the United States, interest by
doctors and patients in this breakthrough product has been positive. As
efforts directed at an expanded launch continue, we look forward to increasing
market presence and growing revenues," said Gailina J. Liew, President & Chief
Operating Officer of GeneNews.
"In addition, in the third quarter of 2012, we initiated a prospective study
with Geisinger Health System (GHS), a Pennsylvania-based healthcare system,
studying the impact of ColonSentry® on improving adherence to colonoscopy. The
Journal of the National Cancer Institute has identified colorectal cancer as
the most preventable yet least prevented cancer, with U.S. estimates
indicating that more than 50 percent of eligible patients do not get screening
As at September 30, 2012, GeneNews had $2,107,642 in cash and short-term
The Company's financial statements, management's discussion and analysis and
rights offering circular are available on www.sedar.com.
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 a range of diseases or medical conditions 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' lead product,
ColonSentry®, is the world's first blood test to pre-screen and assess an
individual's current risk for colorectal cancer. For more information on
GeneNews and ColonSentry®, go to www.GeneNews.com or www.ColonSentry.com.
About Geisinger Health System
Geisinger is an integrated health services organization widely recognized for
its innovative use of the electronic health record, and the development and
implementation of innovative care models including ProvenHealth Navigator®, an
advanced medical home model, and ProvenCare® program. The system serves more
than 2.6 million residents throughout 44 counties in central and northeastern
Pennsylvania. For more information, visit Geisinger. Follow the latest
Geisinger news and more at TwitterandFacebook.
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: Company Contact:
President & COO,
Office: (905) 739-2036
Mobile: (416) 844-0649
Kilmer Lucas Inc.
Office: (212) 618-6347
Kilmer Lucas Inc.
Office: (416) 833-9317
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