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GeneNews Sees Q4 Loss of $1.2M

NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm GeneNews today said that its fourth-quarter net loss rose to C$1.2 million (US$1.2 million) from a net loss of C$1.0 million.

On a per-share basis, though, net loss for the three months ended Dec. 31, 2011 receded to C$.01, compared to C$.02 a year ago.

The Toronto-based firm did not release revenue, R&D spending, or SG&A figures and documents were not yet available on SEDAR's website.

For full-year 2011, the firm posted a net loss of C$4.5 million, or C$.05 per share, compared to a net loss of C$4.6 million, or C$.07 per share, in 2010. The improvement resulted mainly from decreases in non-cash expenses, such as share-based compensation and depreciation, it said.

GeneNews finished 2011 with C$2.1 million in cash, cash equivalents, and short-term investments.

During the year it intensified its commercialization efforts and expanded its patent portfolio and the applications of its Sentinel Principle technology to new disease areas, it said. In the fourth quarter GeneNews' marketing partner in Malyasia launched the firm's ColonSentry test in that country.

The company also expanded its management team and raised additional working capital, it said.

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