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GeneNews Posts Drop in Q4 Revenues, Preps for Q3 Launch of ColonSentry Test

NEW YORK (GenomeWeb News) – GeneNews this week reported a 57 percent drop in revenues for the fourth quarter of 2007 and said it expects to launch its ColonSentry colon cancer diagnostic through its in-house clinical reference lab in the third quarter.
For the three months ended Dec. 31, 2007, Toronto-based GeneNews reported total revenue of CDN$300,000 (US$295,000), compared to CDN$700,000 (US$687,000) in the comparable period of 2006.
Revenue in the fourth quarter of 2007 resulted from a US$2 million agreement that GeneNews signed with an Asian biomedical consortium to identify and validate a set of biomarkers in the field of prostate diseases. Revenues for the prior-year period, meantime, resulted from a collaboration with Pfizer that the company completed in the first quarter of 2007.
R&D expenses for the quarter dipped slightly to CDN$2.1 million from CDN$2.7 million in the fourth quarter of 2006. General and administrative expenses for the quarter rose to CDN$700,000 from CDN$400,000 in the prior-year period.
GeneNews posted a net loss of CDN$2.6 million, or CDN$0.05 per common share, for the fourth quarter, nearly flat with its net loss of CDN$2.7 million, or CDN$0.05 per common share, for the same period last year.
For the full year ended Dec. 31, 2007, revenue fell to CDN$2.2 million from CDN$3.3 million in 2006. Of the company’s 2007 revenues, CDN$1.7 million were from the collaboration agreement with Pfizer that expired during the year. In 2006, the company’s revenues resulted entirely from the Pfizer agreement.
R&D expenses for the year dipped to CDN$8.9 million from CDN$9.5 million in 2006. General and administrative expenses for the year ended Dec. 31, 2007, rose to CDN$2.7 million from CDN$1.9 million in 2006.
The company’s net loss for the year widened to CDN$9.6 million, or CDN$0.17 per common share, from CDN$8.9 million, or CDN$0.18 per common share, for the same period last year.

As of Dec. 31, 2007, GeneNews had CDN$11.3 million in cash and cash equivalents

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