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.

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