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Royalties Drive up GeneNews' Q2 Revenues

NEW YORK (GenomeWeb News) – Canadian molecular diagnostics company GeneNews said after the close of the market Thursday that revenues for the second quarter increased nearly six-fold year over year.

The company posted C$56,304 (US$56,569) in revenues for the three months ended June 30, up from C$9,790 a year ago. GeneNews recorded C$51,833 in royalty payments, compared to zero a year ago, while sales were down to C$4,471 from C$9,790.

In April, the firm launched ColonSentry, a blood-based colon cancer risk stratification test, in the US through its marketing partner Enzo Clinical Labs. GeneNews President and CEO Gailina Liew said in a statement that Enzo "reports that early interest shown by doctors and patients in their initial launch into New York and New Jersey has been high and current efforts are focused on increasing lab capacity and an expanded launch."

The firm's R&D spending in the quarter rose 2 percent to C$438,660 from C$430,605 a year ago, and SG&A costs were up 49 percent to C$728,164 from C$487,899.

GeneNews had a net loss of C$1.3 million, or C$.01 per share, compared to a net loss of C$1.1 million, or C$.01 per share, a year ago.

Cash and cash equivalents at the end of the quarter totaled C$431,074, the company said.

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