TORONTO, July 2, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) announced today that it has formed a joint venture with two private American companies, Health Diagnostic Laboratory, Inc. ("HDL") and a sales organization with national capabilities, to establish an accredited clinical laboratory called Innovative Diagnostic Laboratory, LLP ("IDL"). IDL will initially focus on the development and broader US commercialization of ColonSentry and is expected to be functional and certified under the Clinical Lab Improvement Amendments Act ("CLIA") in the third quarter.
GeneNews has granted IDL an exclusive license for certain technology related to the ColonSentry® test for immediate development and commercialization throughout the United States, excluding the States of New York and New Jersey. Each party to the JV will receive a share of the revenues and profits generated by IDL. Additional financial terms were not disclosed.
"IDL provides GeneNews with a US commercialization platform for the introduction of ColonSentry into the broader US market," said Gailina J. Liew, President and Chief Operating Officer of GeneNews. "We believe that Health Diagnostic Laboratory is an ideal partner for us in light of their experience and success in integrating high throughput laboratory operations with sales capabilities on a national scale and look forward to working together to establish IDL as a leading clinical lab."
"Since our founding in 2009, Health Diagnostic Laboratory has quickly become a leader in advanced cardiovascular and metabolic testing and health management, and we look forward to expanding our methods for early identification of disease into cancer through this partnership agreement," said Tonya Mallory, CEO, President, and Co-founder of HDL. "We expect IDL to become a leader in molecular diagnostics and personalized medicine with a primary focus on cancer-related indications, and look forward to working with GeneNews to realize this vision."
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.
About Health Diagnostic Laboratory, Inc.
Health Diagnostic Laboratory, Inc. ("HDL, Inc.") is a leader in health management offering a comprehensive test menu of risk factors and biomarkers for cardiovascular disease, diabetes, and related diseases. HDL, Inc.'s systematic approach identifies factors contributing to disease and provides a basis for effective treatment, allowing physicians to more effectively manage patients. Individuals receive a personalized overview of their risk factors along with intensive counseling from expert Clinical Health Consultants at no additional cost, improving compliance and enhancing satisfaction. HDL, Inc. is a CLIA-certified, CAP-accredited laboratory. For more information, visit myhdl.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.
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: (905) 906-6908
stephen@kilmerlucas.com
