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GeneNews Posts Decline in Q2 Revenues, Trims Loss

NEW YORK (GenomeWeb News) – GeneNews on Friday reported a 66 percent decline in second-quarter revenues but narrowed its loss compared to the year-ago period.

For the three months ended June 30, the Toronto-based diagnostics developer recorded revenue of C$100,000 (US$90,078) compared to C$300,000 (US$270,263) in the comparable period of 2008.

The company's net loss improved to C$1.8 million, or C$0.03 per common share, compared to C$4 million, or C$0.07 per common share for the second quarter of 2008.

R&D spending fell to C$800,000 from C$3 million for the prior-year period. The company attributed the decrease to a restructuring it carried out last fall in which it transferred its R&D activities to its Malaysian and Chinese operations.

The company's sales and marketing spending increased to C$100,000 from none in the prior-year period, while general and administrative expenses decreased to C$400,000 from C$800,000 for the second quarter of 2008.

As of June 30, GeneNews held C$400,000 in unrestricted cash and cash equivalents. This does not include C$1.7 million in financing that the company raised in July.

The company said today that it has sufficient funds to continue operations into the first quarter of 2010 and that it is seeking additional capital.

Heiner Dreismann, director and interim CEO of GeneNews, said in a statement that the company is seeking marketing partners in the US and elsewhere to expand access to its ColonSentry colon cancer test outside of Canada.

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