TORONTO, March 26, 2012 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN), a company focused on developing and commercializing blood-based biomarker tests for the early detection of diseases and personalized health management, today reported operational and financial results for the three-month and full-year periods ended December 31, 2011.
For the three months ended December 31, 2011, the Company reported a consolidated net loss of $1,248,903 or $0.01 loss per common share, as compared to a consolidated net loss of $1,048,367, or $0.02 loss per common share, for the three months ended December 31, 2010.
For the full-year ended December 31, 2011, the Company reported a consolidated net loss of $4,481,150, or $0.05 loss per common share, as compared to a consolidated net loss of $4,634,825, or $0.07 loss per common share, for the twelve months ended December 31, 2010. This decrease in loss of $153,675resulted primarily from declines in non-cash expenses such as share-based compensation and depreciation.
As of December 31, 2011, the Company's unrestricted cash, cash equivalents and short-term investments amounted to $2,050,454.
"The recent approval of the ColonSentry test in the United States is a significant milestone for the commercialization of our Sentinel Principle platform technology, opens the door to the U.S. market and follows a year of many achievements for the company," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.
During 2011, GeneNews intensified its commercialization efforts, expanded its patent portfolio and the application of its core Sentinel Principle technology to additional disease areas, and strengthened its operational capabilities by expanding its management team and raising additional working capital. Highlights include:
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Completion of an early warrant exercise and debenture conversion program to raise net proceeds of $2,898,410.
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Receipt of the final payment of $271,810 of the full grant amount of $1,665,000 from the Government of Malaysia's Ministry of Health to support the application of the Sentinel Principle platform to the identification and development of prognostic blood-based biomarkers for the development of hepatocellular carcinoma in hepatitis B positive patients.
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Publication of a paper entitled, "Similarities and Differences in Peripheral Blood Gene-Expression Signatures of Individuals With Schizophrenia and Their First-Degree Biological Relatives," in the American Journal of Medical Genetics Part B to report on the identification of a blood gene expression signature that could lead to development of a test to permit early detection of schizophrenia.
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The fourth quarter launch of the ColonSentry™ test by the Company's marketing partner in Malaysia.
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Purchase of selected patents, patent applications, database, data and samples from Source MDx, to complement and expand the Company's intellectual property portfolio which currently includes 29 issued/allowed patents and more than 50 pending patents.
- Launch of the Company's SentinelGx business unit and the appointment of Karl Wassmann as EVP, U.S. Corporate Development to oversee this unit and expanded US commercial activities.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About GeneNews
GeneNews is an emerging 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 is currently applying the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. The Company's lead product, ColonSentry™, is a convenient, patient-friendly blood-based test that can be incorporated into a routine physical exam to assess an individual's current risk of having colorectal cancer. For more information on GeneNews and ColonSentry™, visit www.genenews.com and 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.