TORONTO, July 15, 2013 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced a number of Board and management changes designed to better position its recently formed joint venture, Innovative Diagnostic Laboratory LLP ("IDL"), to become a leader in molecular diagnostics and personalized medicine, with a primary focus on cancer-related indications.
Dr. Heiner Dreismann has stepped down as GeneNews' Interim CEO, but continues as the Company's Lead Director. In that capacity, he will leverage his wealth of experience and contacts in the molecular diagnostics industry to advance GeneNews' business development activities. Specifically, Dr. Dreismann intends to help 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 IDL in the United States.
"In addition to providing a powerful platform for an expanded launch of our ground-breaking ColonSentry® test throughout the U.S., IDL will serve as a strong commercialization outlet for other advanced cancer tests," commented Dr. Dreismann. "At this important stage of GeneNews' corporate and commercial development, I am excited by this role change as it frees me to focus more of my energies on helping IDL achieve its full potential."
James Howard-Tripp has been appointed Executive Chair of GeneNews' Board, succeeding Rory Riggs, who has stepped down as Chair, but remains a Director. Mr. Riggs has been a member of GeneNews' Board since inception, is a large shareholder and will continue to actively support the Company.
Mr. Howard-Tripp, who joined the GeneNews Board in 2002, has specialized in the research, development and launch of innovative pharmaceutical products and the growth and development of the companies that research and market them. He has been involved in the management (GD Searle, Wyeth-Ayerst) and creation (Allelix, Labopharm, Dermacor) of several successful companies. He has 13 years' experience as a President and CEO and has sat on multiple Boards, most as Chairman. Most recently, as President and CEO of Labopharm, he oversaw the research, development and approval of 3 products and the launch of 2, with the lead product marketed in 19 countries (total end user sales approximately $100 million). During his tenure, Labopharm raised >$250 million in the public markets (US IPO $112 million in 2006) and achieved >$100 million in deal revenue (partners included: Sanofi-Aventis, Purdue Pharma, Merck Inc., Grunenthal, Angelini and Esteve). Additionally, he has served on various scientific and industry committees as well as several not-for-profit boards.
"On behalf of my fellow Directors, I would like to congratulate Jim on his appointment as Executive Chair," said Mr. Riggs. "I have personally benefited from Jim's insights and guidance over the years and look forward to continuing to work closely with him on the Board. Jim's strong executive experience, broad network of industry contacts and many previous successes with product launches gives me great confidence that he will continue to make significant contributions to GeneNews' success in his new expanded role."
About GeneNews
GeneNews is a molecular diagnostics company focused on developing and commercializing proprietary blood-based diagnostic tests through the application of functional genomics to enable early diagnosis and personalized health management. The Company has developed 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 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.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "intend," "will" and similar expressions, which reflect the Company's current expectations regarding future events, including the anticipated roles of Dr. Heiner Dreismann, Mr. Howard-Tripp and Mr. Rory Riggs with GeneNews going forward. The forward-looking statements involve risks and uncertainties, including market reaction to the management changes, that could cause the Company's actual results 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.