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GeneNews' Q3 Revenues, Net Loss Rise

NEW YORK (GenomeWeb News) – Biomarker test developer GeneNews has reported an increase in its third-quarter 2008 revenue to C$300,000 (US$246,000) from C$200,000 for last year’s third quarter.
The Toronto-based firm said that revenue in the most recent quarter came from a collaboration with an Asian biomedical consortium to identify and validate a set of biomarkers for prostate diseases. That deal was worth US$2 million to GeneNews. The firm’s Q3 2007 revenue came from a collaboration with Pfizer that has since been completed.
GeneNews posted a net loss of C$3.9 million, or C$.07 per share, compared to a net loss of C$3 million, or C$.05 per share, for the third quarter of 2007.
The company’s R&D costs increased around 8 percent to C$2.6 million from C$2.4 million, while its general and administrative spending was flat at C$700,000.
GeneNews finished the quarter with cash and cash equivalents of C$3.2 million.
The firm announced last week that it will cut 40 percent of its workforce in Canada as part of a restructuring effort. GeneNews said that its Canadian operations would focus on Canadian and US commercialization of its lead product, ColonSentry, a genomics-based test for determining a person’s risk for colorectal cancer. Meanwhile, its R&D activities, including patient sample accrual, will be moved to its operations in Asia.

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