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GeneNews' Revenues Flat as It Cuts Loss

NEW YORK (GenomeWeb News) – GeneNews last night reported that its first-quarter revenues were flat year over year, while the firm cut its net loss 23 percent.

The Toronto-based genetic test maker brought in revenues of C$300,000 (US$255,000) for the three months ended March 31, the same amount it reported for the first quarter of 2008. GeneNews said that revenues for the quarter were derived from sales of its ColonSentry test for assessing an individual's risk for colorectal cancer, as well as a technology access fee it received from an unnamed company.

GeneNews' net loss for the quarter was C$2 million, or C$.04 per share, compared with C$2.6 million, or C$.05 per share, for the first quarter of 2008.

Its R&D expenses for the quarter were C$1 million versus C$2.2 million the year before, which the firm said was due to the transfer of pipeline R&D activities to its Malaysian and Chinese operations. The firm's SG&A spending was C$900,000 compared to C$500,000 for Q1 2008.

As of the end of the quarter, GeneNews had unrestricted cash and cash equivalents of C$1.4 million.

The firm has thus far rolled out its ColonSentry test in Canada, but it is preparing to launch it in the US, Europe, and Asia, according to Interim CEO and Lead Director Heiner Dreismann.

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