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GeneNews Cuts Loss, Preps for ColonSentry Launch

NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm GeneNews reported Wednesday that revenues for the second quarter were C$9,800 (US$9,900) for the three months ended June 30, compared to C$19,000 a year ago.

GeneNews' net loss dropped to C$1.1 million, or C$.01 per share, from C$1.3 million, or C$.02 per share.

The decline in net loss was due primarily to a drop in R&D expenses, which was enabled in part by funding from the government of Malaysia through GeneNews' Malaysian subsidiary, the company said.

The firm's research and development costs dropped 32 percent to C$431,000 from $637,000 a year ago. Its SG&A costs were down 15 percent to C$488,000 from C$577,000.

During the quarter, GeneNews raised C$2.3 million in gross proceeds, and C$1.4 million in principal and interest were converted into common shares, under the company's warrant exercise program and debenture conversion.

GeneNews said that at the end of the quarter it held C$3.5 million in cash, cash equivalents, and short-term investments.

"The funds raised during the quarter have strengthened our ability to support our partners as they prepare to launch ColonSentry in the United States, China and Malaysia," GeneNews President and COO Gailina Liew said in a statement. "We continue to seek additional ColonSentry marketing partners to expand our commercial footprint while also engaging with potential strategic partners to establish our Sentinel Principle technology platform as an industry standard."

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