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GeneNews' 2009 Revenues Dip on Lower Milestones

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – GeneNews has reported that its full-year 2009 revenues declined 21 percent as its milestone revenues dropped year over year.

The Toronto-based molecular diagnostics firm brought in total revenues of C$1.1 million (US$1.1 million) for the year ended Dec. 31, 2009. Its milestone revenues were C$478,805 for the year compared to C$1 million the previous year, while its non-refundable license revenues were C$616,838 versus C$371,160 for 2008. Its product sales increased to C$50,200 from C$9,628.

GeneNews anticipates that its flagship product, the ColonSentry molecular diagnostic assay for stratifying patients with colon cancer, will be launched this year in New York and New Jersey by its marketing partner, Enzo Clinical Labs. The test has already been introduced in Canada.

"We went into 2009 confident that our focus on the refinement and initial execution of our global ColonSentry commercialization plan would generate improved operational and financial performance throughout the year," Gailina Liew, president and COO of GeneNews, said in a statement. "Now, as we move through 2010, our primary goal will be to drive awareness and clinical adoption of ColonSentry as a cost-effective and patient-friendly first step to facilitate greater adherence to colorectal cancer screening guidelines."

GeneNews' net loss for 2009 was C$5.6 million, or C$.09 per share, down sharply from C$13.2 million, or C$.24 per share, for 2008.

Its R&D expenses declined to C$2.3 million from C$9.8 million, while its SG&A spending dropped to C$2 million from C$2.8 million.

Beginning in late 2008, GeneNews began restructuring its North American and Asian operations, which included cutting its workforce in Canada by 40 percent.

GeneNews finished the year with unrestricted cash, cash equivalents, and cash held in trust of C$2.8 million.

The firm said in a statement that its cash is only sufficient to support its activities into the fourth quarter of this year. As such, it is in discussions with potential strategic partners to obtain additional operating capital and access to additional commercialization capabilities. GeneNews also said that it has engaged financial advisors to assist in raising further funds.

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