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GeneNews Reports Q1 Revenue Increase, Inks US Partnership for Cancer Tests

NEW YORK (GenomeWeb) – GeneNews reported today a doubling of its first quarter revenues, and announced that it has signed a US partnership agreement for its portfolio of early cancer detection tests with lab testing services provider Any Lab Test Now (ALTN).

For the three-month period ended March 31, GeneNews' revenues climbed to $200,000 from $100,000.

The firm's Q1 net loss dropped 44 percent to $1.5 million, or $.02 per share, from $2.7 million, or $.05 a share, in the same period for FY 2016. The decrease reflects a number of charges recorded in the first quarter of last year related to GeneNews' acquisition of clinical reference lab Innovative Diagnostic Laboratory (IDL). Earlier this year, GeneNews settled a dispute with Health Diagnostics Laboratory, its one-time partner in IDL.

At the end of the first quarter, GeneNews had cash and cash equivalents totaling $100,000.

GeneNews also announced today that IDL has signed an agreement under which its early cancer tests including ColonSentry, EarlyCDT-Lung, PHI, and BreastSentry will be made available through ALTN's 165 locations across the US. Specific terms of the deal were not disclosed.

"The agreement with ALTN very significantly expands our reach and, together with our existing clients, will allow us to offer our early cancer diagnostic tests throughout much of the US," GeneNews Chairman and CEO James Howard-Tripp said in a statement. "During April, we received over 3,000 requests for information, most of which were from physicians and patients asking where they could gain access to our tests. This partnership now allows us to link patients and physicians and give them immediate access to locations across the country where IDL testing can be initiated."

GeneNews said that it expects ALTN partnership activities to begin before the end of this month.