ChondroGene Announces the Issuance of Stock Options
TORONTO, CANADA (September 20, 2006): ChondroGene Limited (TSX Venture: CDG) announced today that the Board of Directors approved the granting of 873,414 stock options to directors, officers, employees and consultants. The options granted to employees and consultants are exercisable at $1.16 per share for a period of 5 years from the date of grant. The options granted to directors and officers are exercisable at $1.55 per share for a period of 5 years from the date of the grant. Stock options enhance the Company’s ability to attract and retain talented people by providing compensation incentives to employees, directors, officers and consultants for future services provided to ChondroGene.
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 virtually any disease or medical condition 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 launched its first commercial product, ColonSentry™, a blood-based test to pre-screen and assess an individual's risk for colorectal cancer, in Canada in 2008. The company's first US marketing partner, Enzo Clinical Labs, is expected to launch the ColonSentry™ test in New York and New Jersey in the second half of 2010. For more information on GeneNews and ColonSentry™, visit www.genenews.com or www.ColonSentry.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.