NEW YORK (GenomeWeb News) – GeneNews on Friday reported its revenues for the second quarter dropped more than five-fold year over year.

For the three months ended June 30, the Toronto-based molecular diagnostics firm's revenues totaled C$10,019 (US$9,729), compared to C$56,304 in the second quarter of 2012, it said in a document filed with Canadian regulators.

Royalty revenues dropped to C$7,472 in the recently completed quarter from C$51,833, while sales were down to C$2,547 from C$4,471.

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Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.

A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.

An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.

In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.

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