GeneNews Management Update
TORONTO, CANADA (January 10, 2007): GeneNews Limited (TSX:GEN), formerly ChondroGene Limited, announced today that Colin T. West, CA, has been appointed Chief Financial Officer for an interim period, replacing Colin Martin, who left the Company effective December 31, 2006. The Company has commenced an executive search and expects to engage a permanent CFO within the next three to six months.
"I want to thank Mr. Martin for his contribution and wish him well in his future endeavours," stated Dr. K. Wayne Marshall, President and CEO of GeneNews. "Mr. West's extensive financial and management experience will be important for us in this interim period as we work to build more robust accounting and management systems to support our commercialization efforts."
Mr. West's most recent executive role was CEO/President of Richtree Market Restaurants Inc., having initially joined Richtree as CFO. He has also been a member of the board of directors of a number of public and private companies with prior experience as a senior partner in a major accounting firm. Mr. West is presently a member of the Institute of Chartered Accountants of Ontario and is a principal with Atticus Interim Management, a consulting firm which specializes in interim placements of senior executives.
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.