NEW YORK (GenomeWeb News) – Molecular diagnostics firm GeneNews on Wednesday reported revenues for the first quarter increased 10-fold as it received a milestone payment of C$40,000 ($41,341).
The Toronto-based firm said that total revenues rose to C$44,177 ($45,658) for the three months ended March 31 from $4,417 a year ago. Sales for the quarter increased 8 percent to C$4,177 from C$3,885 a year ago, while non-refundable licensing revenues dropped to zero from C$532 a year ago.
The firm's net loss improved to C$1.1 million, or C$.02 per share, a 21 percent contraction from C$1.4 million, or C$.02 per share, in the first quarter of 2010.
Its R&D expenses slid to C$457,148 from C$606,725 a year ago, a 25 percent drop, and its SG&A spending declined 22 percent to C$540,848 from C$694,978 a year ago.
As of March 31, GeneNews had C$1.4 million in unrestricted cash, cash equivalents, and short-term investments.
In a statement, Gailina Liew, president and CEO of the company, said that its partners are preparing to launch ColonSentry in the US, China, and Malaysia. The test was launched in Canada in 2008.
"We also continue to engage with potential strategic partners to establish our Sentinel Principle technology platform as an industry standard," Liew said.