Genenews Reports 2006 Year End and Fourth Quarter Financial Results

TORONTO, CANADA (March 30, 2007):

GeneNews Limited (TSX: GEN), formerly ChondroGene Limited, today announced its financial results for the fourth quarter and year ended December 31, 2006.

GeneNews reported revenues of $3,283,268 for the year ended December 31, 2006, compared to revenues of $5,338,478 for the prior year. Revenues for the year were attributable to the Company’s second research collaboration with Pfizer Inc. (NYSE:PFE) which was successfully concluded in October 2006. The net loss for the year was $8,935,673 or $0.18 per common share, compared to a net loss of $3,075,107 or $0.08 per share for the year ended December 31, 2005. As at December 31, 2006, the Company had $20,593,568 in cash and cash equivalents.

For the fourth quarter of 2006, GeneNews reported revenues of $663,751 compared to revenues of $2,070,367 in the fourth quarter of 2005. The net loss for the quarter was $2,716,365 or $0.05 per common share, compared to a net income of $246,084 or $0.01 per share for the quarter ended December 31, 2005.

“GeneNews achieved significant milestones during 2006 in support of the commercial development of our lead product, ColonSentry™, a blood-based test for detecting colorectal cancer. We completed the largest financing in our company’s history, enabling our graduation to the Toronto Stock Exchange and the provision of sufficient capital to accelerate the development of ColonSentry,” stated K. Wayne Marshall, MD, PhD, President & CEO of GeneNews. “We have also entered into formal discussions with regulatory authorities in the U.S. and Canada to prepare for the launch of clinical trials for ColonSentry™ which we expect to begin before the end of 2007.”

2006 Highlights

$25 Million Equity Financing
In May, the Company completed the largest financing in its history, and one of the largest biotech financings in Canada in 2006, with the closing of a $25 million private placement, managed by five Canadian investment banks led by Westwind Partners Inc., and including institutional investors from Canada, the U.S. and Malaysia.

TSX Listing and Name Change
In the third quarter, the Company graduated from the TSX Venture Exchange to Canada’s senior exchange, the Toronto Stock Exchange (TSX), in recognition of the Company’s progress and stable financial position after the equity financing in May. The Company also obtained a new stock symbol (GEN) and changed its name to GeneNews Limited to better reflect the Company’s current business and interests in multiple disease areas.

Sentry™ Pipeline
Although the main focus for the coming year will be ColonSentry™, GeneNews continues to identify and develop biomarkers for oncology applications with emphasis on prostate, bladder and ovarian cancers. The Company also continues to collect clinical samples and work with collaborators in other areas including various forms of cardiovascular disease and neurological disorders such as depression and schizophrenia.

Osteoarthritis Osteoarthritis was the disease focus for two collaborative research agreements with Pfizer Inc. that collectively generated approximately $16 million in contract research revenues for the Company over a four-year period. The second two-year collaboration with Pfizer Inc. was completed in October 2006. An amendment to the second collaboration was executed in December 2006 which has generated an additional $1.8 million in revenue that will be recognized as revenue in 2007. The Company is now seeking a new partner and additional resources to continue its work in osteoarthritis.

Publications
Many significant scientific abstracts and papers were published during the year, including:

• “Peripheral blood transcriptome dynamically reflects system wide biology: a potential diagnostic tool”, was published in the March issue of the Journal of Laboratory and Clinical Medicine;
• “Novel blood biomarker panel detects human colorectal cancer” was presented at the American Society of Clinical Oncology (ASCO) meeting in June 2006;
• “Blood-based biomarkers for detecting aggressive prostate cancer at time of biopsy” was presented at the American Society of Clinical Oncology (ASCO) meeting in June 2006;
• “Novel blood biomarkers of human urinary bladder cancer” was published in the June issue of Clinical Cancer Research.

Intellectual Property
GeneNews continues to file patent applications internationally on inventions and discoveries made by its scientific staff. To date, more than 70 patent applications have been filed.

Other Events

• In October, Frost and Sullivan, a U.S. based market research firm, selected GeneNews as the recipient of the 2006 North American Technology Innovation of the Year Award in the field of Genetic Biomarkers recognizing the Sentinel Principle™, a breakthrough technology that uses a novel approach to identify blood-based biomarkers for specific diseases.
• Dr. Heiner Dreismann, former President and CEO of Roche Molecular Systems, a division of F. Hoffmann-La Roche Ltd. and the company that pioneered molecular diagnostics in the clinical arena, joined the Company’s Board of Directors of GeneNews in September 2006. Dr. Dreismann chairs the Company’s Strategy Committee and contributes a wealth of experience and insight to GeneNews as it moves into the commercialization of its blood-based molecular diagnostic tests.

Financial statements are available in the attached pdf document.

About GeneNews

GeneNews is focused on the application of functional genomics to enable early diagnosis and personalized therapeutic intervention based on disease-specific biomarkers. The Company has developed a novel approach, the Sentinel Principle™, 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' first product, ColonSentry™, is a convenient and patient-friendly blood-based test that can assess an individual's current risk for colorectal cancer. For more information on GeneNews, visit www.genenews.com.

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.