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GeneNews' Q3 Revenues Rise Sharply on Royalties

NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm GeneNews today reported a 258 percent rise year over year in third-quarter revenues.

Revenues in the quarter increased to C$157,692 (US$157,446) from C$43,999 as royalty revenues climbed to C$154,238, compared to none a year ago, the Toronto-based firm said in a document filed with Canadian Securities Administrators. Sales were down to C$3,454 from C$8,210, and milestone revenues dropped to zero from C$35,789 a year ago.

The firm's R&D costs increased 36 percent year over year to C$551,838 from C$406,813, and SG&A costs rose 76 percent to C$853,565 from C$485,788.

GeneNews' net loss in the quarter was C$1.4 million, or C$.01 per share, compared to a net loss of C$997,835, or C$.01 per share, a year ago.

The company exited the third quarter with C$2.1 million in cash and short-term investments.

In September it announced a deal with Shanghai Biochip to establish a center to co-develop and commercialize products based on GeneNews' gene expression technology. As part of the deal, SBC was given non-exclusive rights to market GeneNews' ColonSentry, a blood-based colon cancer stratification test.

The company launched the test in the US through its marketing partner Enzo Clinical labs in April, and GeneNews' President and COO Gailina Liew said in a statement today that interest from doctors and patients in the test has been positive.

"As efforts directed at an expanded launch continue, we look forward to increasing market presence and growing revenues," she said.