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.

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In the last few years several molecular testing methodologies — such as immunohistochemistry, PCR, and sequencing — have been approved by the US Food and Drug Administration to aid in the management of patients with lung cancer.  

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