GeneNews Reports Q1 2013 Financial Results
TORONTO, May 15, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN), a
company focused on developing and commercializing 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, 2013.
For the three months ended March 31, 2013, total revenues were $48,348 as
compared to $6,477 in the same period in 2012. The net loss for the first
quarter of 2013 was approximately $1.5 million, or $0.05 loss per common
share, as compared to a net loss of approximately $1.2 million, or $0.08 loss
per common share for the same three-month period in 2012.
As of March 31, 2013, the Company's cash and short-term investments amounted
to approximately $7.5 million.
"Although our royalty revenues have been constrained by the ongoing challenges
in the US reimbursement landscape, we continue to focus our activities on
broadening the availability of ColonSentry into regions beyond New York and
New Jersey as the initial patient and physician reaction to this
patient-friendly blood test has been positive," said Gailina J. Liew,
President & Chief Operating Officer of GeneNews. "In 2013, we expect to launch
ColonSentry into additional regions of the US and selected global regions."
The Company's financial statements and management's discussion and analysis
are available on www.sedar.com.
GeneNews is a 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' lead product, ColonSentry^®, is
the world's first blood test to 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.
This press release contains forward-looking statements, which reflect
GeneNews' current expectations regarding the future extension of the warrants
of GeneNews. The forward-looking statements involve risks and uncertainties,
including the result of the disinterested shareholder vote to extend the
Warrants. Actual events could differ materially from those projected
herein.Investors should consult the Company's ongoing quarterly filings,
annual information form 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. Subject to
applicable law, the Company disclaims any obligation to update these
CONTACT: Company Contact:
President & COO
Office: (905) 739-2036
Mobile: (416) 844-0649
Investor & Media Contact:
Kilmer Lucas Inc.
Office: (212) 618-6347
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