TORONTO, March 26, 2013 (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, 2012.
Results were characterized by the positive response to the second quarter 2012 commercial launch of ColonSentry®, a convenient blood test to assess an individual's current risk for colorectal cancer, in the states of New York and New Jersey by the Company's first U.S. marketing partner, Enzo Clinical Labs ("Enzo").
For the full-year ended December 31, 2012, total revenues were $280,103 as compared to $100,806 in the same period in 2011. The Company reported a 2012 consolidated net loss of approximately $5.1 million, or $0.28 loss per common share, as compared to a 2011 consolidated net loss of approximately $4.5 million, or $0.31 loss per common share.
For the three months ended December 31, 2012, total revenues were $59,630 as compared to $2,840 in the same period in 2011. The consolidated net loss for the fourth quarter of 2012 was approximately $1.1 million, or $0.05 loss per common share, as compared to a consolidated net loss of approximately $1.3 million, or $0.08 loss per common share for the same three-month period in 2011.
The Company's financial position was significantly strengthened by the successful completion of a non-brokered private placement offering of its common shares for gross proceeds of approximately $7.7 million in December 2012. As of December 31, 2012, the Company's cash and short-term investments amounted to approximately $8.6 million.
"We were pleased with the positive response to the April 2012 commercial launch of our lead product, ColonSentry®, into New York and New Jersey," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "While interest by doctors and patients in this groundbreaking test has continued to grow, we are facing the prospect of generally constrained revenues in the US, particularly in New York and New Jersey, as changes to reimbursement, coding and related processes became effective on January 1. Despite these changes, in 2013, we expect to expand the availability of ColonSentry® into the rest of the United States and other global regions. We are also pursuing the development of new pipeline products based on our proprietary blood-based Sentinel Principle® platform technology and next generation technology platforms."
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 is currently applying 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 pre-screen and 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 GeneNews' current expectations regarding the future extension of the warrants of GeneNews. 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, annual information form 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. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements.
CONTACT: Company Contact:
Gailina Liew
President & COO
Office: (905) 739-2036
Mobile: (416) 844-0649
gliew@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Mobile: 647.872.4849
stephen@kilmerlucas.com
