TORONTO, Nov. 12, 2012 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN), a company focused on developing 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 September 30, 2012.
Results were characterized by the positive response to the commercial launch of ColonSentry®, the world's first blood test to assess an individual's current risk for colorectal cancer, by the Company's U.S. marketing partner, Enzo Clinical Labs ("Enzo").
For the three months ended September 30, 2012, total revenues were $157,692, an increase of 258% from $43,999 for the same period in 2011 and a 180% increase from $56,304 from the three month period ended June 30, 2012. The Company reported a third quarter loss of $1,427,467, or $0.01 loss per common share, as compared to a net loss of $997,835, or $0.01 loss per common share, for the three months ended September 30, 2011.
"While our financial statements continue to reflect the early stages of commercialization of the ColonSentry® test in the United States, interest by doctors and patients in this breakthrough product has been positive. As efforts directed at an expanded launch continue, we look forward to increasing market presence and growing revenues," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.
"In addition, in the third quarter of 2012, we initiated a prospective study with Geisinger Health System (GHS), a Pennsylvania-based healthcare system, studying the impact of ColonSentry® on improving adherence to colonoscopy. The Journal of the National Cancer Institute has identified colorectal cancer as the most preventable yet least prevented cancer, with U.S. estimates indicating that more than 50 percent of eligible patients do not get screening colonoscopies."
As at September 30, 2012, GeneNews had $2,107,642 in cash and short-term investments.
The Company's financial statements, management's discussion and analysis and rights offering circular are available on www.sedar.com.
About GeneNews
GeneNews is an emerging 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 a range of diseases or medical conditions 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 pre-screen and 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 Geisinger Health System
Geisinger is an integrated health services organization widely recognized for its innovative use of the electronic health record, and the development and implementation of innovative care models including ProvenHealth Navigator®, an advanced medical home model, and ProvenCare® program. The system serves more than 2.6 million residents throughout 44 counties in central and northeastern Pennsylvania. For more information, visit Geisinger. Follow the latest Geisinger news and more at Twitter and Facebook.
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.