TORONTO, Aug. 9, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN), a company focused on developing and commercializing molecular diagnostic tests for the early detection of diseases and personalized health management, today reported operational and financial results for the three-month and six-month periods ended June 30, 2013.
For the six months ended June 30 2013, the Company reported a net loss of approximately $3.4 million, or $0.11 loss per common share, as compared to a net loss of approximately $2.5 million, or $0.16 loss per common share for the same six-month period in 2012. During 2013, the Company has invested in expanding the U.S. commercial footprint of ColonSentry® by announcing the formation of a joint venture with two U.S. partners to launch the ColonSentry® test in all states, except New York and New Jersey, through an accredited clinical laboratory named Innovative Diagnostic Laboratory, ("IDL"). On July 15, 2013, the Company announced a number of Board and management changes designed to better position IDL to become a leader in molecular diagnostics and personalized medicine, with a primary focus on cancer-related indications.
As of June 30, 2013, the Company's cash and short-term investments amounted to approximately $6.4 million.
"In many respects, we are just about to cross the starting line," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "On the one hand, we are impacted by the ongoing challenges in the US reimbursement landscape and have felt it through reduced royalty revenue. On the other hand, we are excited about the expected Q3 launch of the ColonSentry® test into regions beyond New York and New Jersey through our recently formed joint venture, IDL. We have also begun the work of assembling a robust menu of other advanced cancer tests to be offered by IDL."
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About GeneNews
GeneNews is a molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle®, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews has applied the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews' lead product, ColonSentry®, is the world's first blood test to assess an individual's current risk for colorectal cancer. For more information on GeneNews and ColonSentry®, go to www.GeneNews.com or www.ColonSentry.com.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.