TORONTO, March 16, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) announced today that the Toronto Stock Exchange (the “TSX”) has extended the TSX’s Remedial Review Process for a period of 58 days to allow the Company additional time to demonstrate compliance with the continued listing requirements of the TSX (the “Listing Requirements”).
Over the course of the past several weeks, GeneNews has made measurable progress toward completing an orderly restructuring of its operations, including, but not limited to, its entering into its recently announced Unit Purchase Agreement (the “Purchasing Agreement”) with Cobalt Healthcare Consultants, Inc. (“Cobalt”), pursuant to which GeneNews’ wholly-owned subsidiary, GeneNews (USA), Inc., will acquire Cobalt’s fifty percent (50%) ownership interest in the Innovative Diagnostic Laboratory, LLP (“IDL”) joint-venture. GeneNews believes this, along with the completion, if any, of a strategic financing transaction may have a positive impact on the Company’s ability to demonstrate compliance with the Listing Requirements.
The TSX currently intends to make a decision regarding the Corporation's eligibility for continued listing on the TSX by May 13, 2016. This is an extension from an earlier TSX review date of March 15, 2016, as previously announced by the Company on January 18, 2016.
About GeneNews
GeneNews is 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. The Company's lead 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 can be found at www.GeneNews.com.
About IDL
Richmond, Virgina-based IDL is a national clinical reference lab specializing in personalized blood-based testing to help find, understand, and address cancer risk in patient populations. IDL’s mission is to provide a comprehensive menu of traditional and advanced clinical evidence-based blood tests that aid in early cancer detection. Currently IDL offers risk assessment blood tests for the three most prevalent cancer types including lung, colon and prostate. IDL is actively in-licensing and commercializing an array of DNA, RNA, protein and autoantibody blood-based cancer diagnostic tests to address early detection of all major types of cancer.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events, including the restructuring of its business. These forward-looking statements involve risks and uncertainties and material assumptions - including those related to general business and economic conditions as well as our ability to complete an orderly restructuring of the Company's operations which may include a sale, merger, strategic financing or other business combination - that could cause the Company's actual events to 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, except as required by law.
Company Contact:
James R. Howard-Tripp
Executive Chairman
Office: (905) 209-2030
jhoward-tripp@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (647) 872-4849
stephen@kilmerlucas.com
