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GeneNews Reports Loss of $1.3M in Q1

NEW YORK (GenomeWeb News) – Molecular Diagnostics firm GeneNews today said that its first-quarter loss was C$1.3 million (US$1.3 million), or C$.01 per share.

Results for the three months ended March 31 compare to a net loss of C$1.1 million, or C$.02 per share, a year ago.

The Toronto-based company did not disclose other financial information for the quarter, and its quarterly financial filing was not yet available on the SEDAR website, which provides public securities documents for Canadian companies.

In mid-April, GeneNews announced a rights offering intended to raise more than C$2.5 million in gross proceeds to go toward commercialization of its ColonSentry, a blood-based colon cancer risk stratification test, and for general corporate and administrative expenses. The test was launched last month in the US by GeneNews' marketing partner Enzo Clinical Labs.

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