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GeneNews' Q2 Revenues Down; Cuts Net Loss

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – GeneNews today reported that its second-quarter revenues declined to C$19,044 (US$18,282) from C$113,244, as it cut its net loss.

The Toronto-based molecular diagnostics firm's revenues dropped sharply due to a C$96,744 milestone payment it received in 2009 that was not repeated for the most recently completed quarter.

GeneNews is in the process of commercializing its ColonSentry blood-based test, which uses biomarkers to determine a person's current risk for colorectal cancer.

"[A]s we move into the second half of the year, we will continue to work with our US marketing partner, Enzo Clinical Labs, and our Chinese marketing partner, GeneDiagnostics, as they prepare to launch ColonSentry in their respective territories," GeneNews President and COO Gailina Liew said in a statement. "At the same time, we will continue to pursue financing activities and discussions with additional potential ColonSentry marketing and strategic partners for other regions of the United States, Europe, and Asia."

GeneNews posted a net loss of C$1.3 million, or C$.02 per share, for the three-month period ended June 30, compared to a net loss of C$1.8 million, or C$.03 per share, for the second quarter of 2009.

Its R&D spending declined to C$518,446 from C$736,197 year over year, while its SG&A expenses fell sharply to C$304,645 from C$492,080. The drop in R&D was the result of reductions in its scientific and technical staff required to support its ColonSentry test service.

GeneNews finished the quarter with C$1.1 million in cash, cash equivalents, cash held in trust, and short-term investments. The firm noted that it has retained Dundee Securities and Reedland Capital Partners to assist it in expanding its shareholder base and accessing additional working capital.

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