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GeneNews' Q4 Revenues Increase on Milestone Revenue

NEW YORK (GenomeWeb News) – Canadian molecular diagnostics firm GeneNews today reported that its fourth-quarter 2008 revenues increased 72 percent, while its net loss rose slightly on increased R&D spending.

The Toronto-based firm brought in revenues of C$536,626 (US$423,628) for the three-month period ended Dec. 31, 2008, compared to C$312,314 for the fourth quarter of 2007. Its revenues were largely the result of milestone payments received from an Asian biomedical consortium for research on prostate disease biomarkers.

GeneNews' net loss for the quarter was C$2.7 million, or C$.05 per share, versus a net loss of C$2.6 million, or C$.05 per share, for Q4 2007.

Its R&D expenses rose 10 percent to C$2.3 million from C$2.1 million, while its general and administrative spending increased to C$800,000 from C$700,000 year over year.

For full-year 2008, GeneNews reported revenues of C$1.4 million, down from C$2.2 million in 2007. Its net loss for the year was C$13.2 million, or C$.24 per share, compared to a loss of C$9.6 million, or C$.17 per share, for 2007.

GeneNews brought in revenues of C$9,628 from its ColonSentry test during the year. The firm said that it is focusing on "building its commercial infrastructure and penetrating the key market segments it has identified in the Greater Toronto Area including executive health clinics, private insurers and patients through their primary-care physicians."

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