TORONTO, Jan. 21, 2014 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today provided a progress update on the commercial operations of its recently formed joint venture, Innovative Diagnostic Laboratory LLP ("IDL"), including the full-scale rollout of the ColonSentry® test throughout the United States and the addition of EarlyCDT®-Lung - a simple blood test that aids physicians in risk assessment and the early detection of lung cancer in high-risk, asymptomatic patients – to IDL's offering.
GeneNews is committed to helping IDL become a leader in molecular diagnostics and personalized medicine, serving as a strong commercialization outlet for advanced cancer tests. Taking a "multi-view" approach to the diagnosis and treatment of cancer, IDL is working to assemble, through a combination of internal pipeline development, third-party licenses and potential acquisitions, a robust menu of advanced cancer assays to be offered by it throughout the United States.
"I am pleased to report that full operation of the Richmond, Virginia lab facility has now been established," commented GeneNews' Executive Chairman, James R. Howard-Tripp. "In late 2013, we rolled out ColonSentry® on a limited basis. Interest by doctors and patients in those select markets has been high, with good initial uptake of the test, and our initial reimbursement experience has also been positive. Accordingly, we have begun the process of building IDL's sales force and are now proceeding to scale-up to a full U.S. launch of ColonSentry®. Our goal is to make this groundbreaking test commercially available across the U.S. before the end of the current calendar quarter."
Mr. Howard-Tripp continued, "Also, representing the initial expansion of the IDL offering, our joint venture partner, Health Diagnostic Laboratory, Inc., has granted IDL a license to distribute and perform the EarlyCDT®-Lung test in the United States."
Lung cancer is the leading cause of cancer deaths among men and women in the U.S., taking the lives of more people each year than colon, breast, prostate, and pancreatic cancers combined. Lung cancer claims more than three times as many men as prostate cancer and nearly twice as many women as breast cancer. The American Cancer Society estimates that there were approximately 228,190 new cases of lung cancer diagnosed and 159,480 lung cancer associated deaths in 2013.
Normal cells often produce aberrant or mutated proteins (antigens) which the body identifies as 'self' and does not attempt to eliminate. Abnormal antigens produced by cancer cells will be recognized by the immune system as 'non-self' and elicit the production of antibodies against them ('autoantibodies'). Autoantibodies arise in the early stages of lung cancer development, as well as later stages, and are measureable in blood even when the tumor may be small and/or localized. An elevated level of autoantibodies beyond a pre-determined cutoff is indicative of disease (whereby EarlyCDT®-Lung test indicates increased risk of lung cancer), necessitating follow-up tests (e.g., spiral CT).
"Like the ColonSentry® test, EarlyCDT® Lung has the potential to lead to earlier cancer detection, improved patient outcomes and reduced healthcare costs. We believe that EarlyCDT® Lung is an ideal first addition to the IDL menu, with more expected to come throughout this year. As always, we look forward to updating our stakeholders as we progress," Mr. Howard-Tripp concluded.
About GeneNews
GeneNews is a company focused on developing and commercializing proprietary molecular diagnostic tests for the early detection of diseases and personalized health management, with a primary focus on cancer-related indications. GeneNews' first product, ColonSentry®, is the world's first blood test to assess an individual's current risk for colorectal cancer. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL, can be found at www.GeneNews.com and www.myinnovativelab.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:
James R. Howard-Tripp
Executive Chairman
Office: (905) 739-2030
jhoward-tripp@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Mobile: (905) 906-6908
stephen@kilmerlucas.com
