TORONTO, May 15, 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 period ended March 31, 2013.
For the three months ended March 31, 2013, total revenues were $48,348 as compared to $6,477 in the same period in 2012. The net loss for the first quarter of 2013 was approximately $1.5 million, or $0.05 loss per common share, as compared to a net loss of approximately $1.2 million, or $0.08 loss per common share for the same three-month period in 2012.
As of March 31, 2013, the Company's cash and short-term investments amounted to approximately $7.5 million.
"Although our royalty revenues have been constrained by the ongoing challenges in the US reimbursement landscape, we continue to focus our activities on broadening the availability of ColonSentry into regions beyond New York and New Jersey as the initial patient and physician reaction to this patient-friendly blood test has been positive," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "In 2013, we expect to launch ColonSentry into additional regions of the US and selected global regions."
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 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, including the result of the disinterested shareholder vote to extend the Warrants. 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
