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GeneNews Sees Uptick in Q3 Revenues; Cuts Net Loss by 64 Percent

NEW YORK (GenomeWeb News) – Canadian biomarker test developer GeneNews reported today an uptick in third-quarter revenues to C$400,000 (US$382,000) from C$300,000 in the same quarter last year.

Toronto-based GeneNews attributed the revenue increase to an undisclosed collaborative research agreement; receipts from an Asian biomedical consortium; and sales of its lead product, the ColonSentry biomarker test for prognosing colon cancer risk.

GeneNews slashed its net loss by 64 percent to C$1.4 million from C$3.9 million year over year.

Meantime, the company cut its Q3 R&D expenses by 73 percent to C$700,000 from C$2.6 million in the year-ago period; lowered its sales and marketing expenses to $100,000 from $300,000; and reduced general and administrative expenses to C$500,000 from C$700,000.

GeneNews finished the quarter with cash and cash equivalents of C$1.3 million.

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