NEW YORK (GenomeWeb News) – GeneNews reported after the close of the market Monday that its third-quarter revenues dropped more than 50 percent on lower licensing revenue year over year.
The Toronto-based firm brought in total revenues of C$166,515 (US$163,309) for the three-month period ended Sept. 30, compared to C$362,964 for the third quarter of 2009. Its license revenue declined to C$162,619 from C$311,684 year over year.
GeneNews' net loss for the quarter was C$1.1 million, or C$.02, compared to a net loss of C$1.4 million, or C$.02 per share, for Q3 2009.
Its R&D spending declined to C$414,966 from C$613,540, and its SG&A expenses dropped to C$374,382 from C$513,495.
The firm sells its ColonSentry genetic test for colorectal cancer in Canada, and it is preparing for a launch of the test in the US and Asia.
Last week, GeneNews raised C$2.1 million in two concurrent private placements aimed at supporting sales and marketing of ColonSentry.
GeneNews finished the quarter with C$477,510 in cash and cash equivalents, C$485,691 in restricted cash, and C$350,080 in short-term investments.