- Closed on the first tranche of the Unit private placement for C$1.2 million and the Lind
convertible security for C$2 million
- Number of enrolled and active practices continues to grow
- Implementation planning continues with several large healthcare systems, with test initiation planned for Q3/Q4.
- High Risk Population and Direct to Consumer testing continues to be built out, as does new agreements with supportive
diagnostic labs to cross-promote as well as expand testing to each other's client base.
- Approximately 1500 tests processed during the quarter.
Subsequent to the Quarter:
- July 12, 2018, we announced the appointment of David Byram as
the Chief Commercial Officer for IDL where he will oversee all IDL's customer-facing activities including sales, client
relations and commercial operations.
- Test volume in July has grown 40% over previous months.
- Billing revenue showing significant increase in Q3
- Partnership with LifeX™ announced
TORONTO, Aug. 15, 2018 /CNW/ - GeneNews Limited (TSX:GEN)
("GeneNews" or the "Company") today announced operational and financial results for the three-month and six-month periods ended
June 30, 2018, and provided a progress update on its business.
"While the Second Quarter of 2018 continued the build-out for the growth that we expect this year," commented James R
Howard-Tripp, GeneNews' Chairman and CEO. "Q3 has started with a bang with test volume up 40% during July, cash receipts from our
billings early in Q3 showing the increases we have been expecting, and incremental testing with High Risk Populations as well as
the AIM reps beginning. The appointment of David Byram and the very strong focus he is bringing to
our commercial activity, as well as the very necessary injection of cash from the financings, has allowed us to markedly step up
activity."
Howard-Tripp further commented "GeneNews and LifeX this morning announced a partnership which has two specific near-term
objectives: the first is to expand the adoption and use of GeneNews' 'liquid biopsy', molecular diagnostics for the early
diagnosis of cancer into large, multi-entity healthcare systems; the second objective is to fully develop and market GeneNews'
Aristotle platform, specifically, the first-in-class early detection of ten cancers from a single sample of blood. It is GeneNews
and LifeX's intent to have a transformational effect on early cancer screening and diagnosis".
Q2 2018 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International
Financial Reporting Standards.
For the six-month period ended June 30, 2018, we reported a consolidated net loss of
$3.2 million, or $0.02 loss per common share, as compared with a
consolidated net loss of $2.0 million, or $0.03 loss per common
share, for the six-month period ended June 30, 2017. The $1.2 million
increased loss results from the $0.6 million impact of the revaluation of warrants, $0.6 million change in fair value of conversion liability, the $0.6 million
increase in finance costs and the $0.3 million decline in test revenue, offset by $0.5 million lower general and administrative expenses and $0.3 million lower
cost of goods sold.
During the second quarter of 2018, we closed on significant financing initiatives to support the roll-out into our Four
Primary Growth Area initiatives including: small independent practices, high-risk populations/employers, telemedicine and large
healthcare systems. JTS continues to assist with the new billing process at IDL which has improved
our cash collections on a quarter-over-quarter basis. Invoicing for tests run but not billed during our transition to the new
billing process was submitted to payers in Q2 2018 and we expect collections on these amounts to begin to be received in the
third quarter of 2018.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About GeneNews
GeneNews, an innovator in the liquid biopsy space, is committed to becoming a leader in advanced diagnostics and personalized
medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is
to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with
personalized clinical intelligence and actionable information to improve health out-comes through the early diagnosis of disease.
Our Richmond, Virginia-based Innovative Diagnostic Laboratory clinical reference lab specializes
in traditional and advanced clinical evidence-based blood testing that helps find, understand, and address cancer risk in patient
populations. Currently, IDL offers risk assessment blood tests for four prevalent cancer types - colon, lung, prostate and
breast. 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, respectively.
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. The forward-looking statements involve risks and
uncertainties 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.
View original content:http://www.prnewswire.com/news-releases/genenews-announces-q2-2018-results-and-provides-progress-update-300697278.html
SOURCE GeneNews Limited
View original content: http://www.newswire.ca/en/releases/archive/August2018/15/c8361.html