GeneNews - Press Release feed

GeneNews To Present at the Bloom Burton & Co. Healthcare Investor Conference

jying — Tue, 21 May 2013 13:56:38 -0500

Date: Tue, 2013-05-21 10:00

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GeneNews Limited (TSX:GEN) announced today that its President and Chief Operating Officer, Gailina J. Liew, will present an update on the Company's business at the 2nd Annual Bloom Burton & Co. Healthcare Investor Conference on Wednesday, May 22, 2013 at 2:30 PM ET. The conference will be held at the Toronto Board of Trade in Toronto, ON.

About the Bloom Burton & Co. Healthcare Investor Conference

The Bloom Burton & Co. Healthcare Investor Conference brings together U.S., Canadian and international investors who are interested in the latest developments in the Canadian healthcare sector. Attendees will have an opportunity to obtain corporate updates from the premier Canadian publicly traded and private companies through presentations and private meetings.

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 virtually any disease or medical condition 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.

GeneNews Reports Q1 2013 Financial Results

jying — Thu, 16 May 2013 08:13:53 -0500

Date: Wed, 2013-05-15 14:00

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GeneNews Limited (TSX:GEN), a company focused on developing and commercializing 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 March 31, 2013.

For the three months ended March 31, 2013, total revenues were $48,348 as compared to $6,477 in the same period in 2012. The net loss for the first quarter of 2013 was approximately $1.5 million, or $0.05 loss per common share, as compared to a net loss of approximately $1.2 million, or $0.08 loss per common share for the same three-month period in 2012.

As of March 31, 2013, the Company's cash and short-term investments amounted to approximately $7.5 million.

"Although our royalty revenues have been constrained by the ongoing challenges in the US reimbursement landscape, we continue to focus our activities on broadening the availability of ColonSentry into regions beyond New York and New Jersey as the initial patient and physician reaction to this patient-friendly blood test has been positive," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "In 2013, we expect to launch ColonSentry into additional regions of the US and selected global regions."

The Company's financial statements and management's discussion and analysis are available on www.sedar.com.

About GeneNews

GeneNews is a 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' 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.

GeneNews Announces Annual Shareholder Meeting

jying — Tue, 16 Apr 2013 09:50:50 -0500

Secondary Title: - Adopts Advance Notice By-Law and Majority Voting Policy -

Date: Mon, 2013-04-15 06:00

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GeneNews Limited (TSX: GEN) ("GeneNews" or the "Company") announces that the Company will hold its annual and special meeting (the "Meeting") of shareholders on Tuesday, May 28, 2013, at 4:30 p.m. (Toronto time) at the offices of Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Bay-Adelaide Centre in Toronto, Ontario. All shareholders of record as of April 11, 2013 are entitled to vote at the Meeting in person or by proxy.

The Company further announces that its Board of Directors (the "Board") has adopted amendments to the Company's by-laws (the "By-Law Amendments"). The By-Law Amendments introduce an advance notice requirement for any shareholder meeting held on or after June 1, 2013, for any shareholder who intends to nominate any person for election as director of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act Ontario (the "Act"); or (ii) a shareholder proposal made pursuant to the provisions of the Act.

The Company believes that by (i) fixing a deadline by which shareholders must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders where directors are to be elected and (ii) setting forth the information that a shareholder must include in the notice for it to be valid, the By-Law Amendments will: (a) facilitate an orderly and efficient annual or special meeting process; (b) ensure that the Company receives adequate notice of the director nominations and sufficient information with respect to all nominees; and (c) allow the Company to evaluate the proposed nominees' qualifications and suitability as director of the Company.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The By-Law Amendments are in effect until they are confirmed, confirmed as amended or rejected by shareholders at the Meeting and, if the By-Law Amendments are confirmed at the Meeting, they will continue in effect in the form in which they were so confirmed.

The Company also announces that the Board has adopted a majority voting policy (the "Majority Voting Policy") with respect to the election of directors in uncontested elections. In the event that a nominee receives more "withheld" than "for" votes in an uncontested election, such director nominee shall be required to submit his/her resignation to the chair of the Board following the applicable shareholders' meeting, effective upon acceptance by the Board. Within 30 days following the applicable shareholders' meeting, the Board will make its decision. Following the Board's decision on the resignation, the Board will publicly disclose their decision whether to accept the applicable director's resignation including the reasons for rejecting the resignation, if applicable.

The full text of the By-Law Amendments and the Majority Voting Policy will be available on SEDAR at www.sedar.com. Further details regarding the Meeting will be contained in a management information circular that will be mailed to shareholders of the Company and filed on SEDAR in due course.

About GeneNews

GeneNews is a 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' 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.

GeneNews Reports Q4 and Full Year 2012 Financial Results

jying — Tue, 26 Mar 2013 16:07:55 -0500

Date: Tue, 2013-03-26 13:00

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Results were characterized by the positive response to the second quarter 2012 commercial launch of ColonSentry®, a convenient blood test to assess an individual's current risk for colorectal cancer, in the states of New York and New Jersey by the Company's first U.S. marketing partner, Enzo Clinical Labs ("Enzo").

For the full-year ended December 31, 2012, total revenues were $280,103 as compared to $100,806 in the same period in 2011. The Company reported a 2012 consolidated net loss of approximately $5.1 million, or $0.28 loss per common share, as compared to a 2011 consolidated net loss of approximately $4.5 million, or $0.31 loss per common share.

For the three months ended December 31, 2012, total revenues were $59,630 as compared to $2,840 in the same period in 2011. The consolidated net loss for the fourth quarter of 2012 was approximately $1.1 million, or $0.05 loss per common share, as compared to a consolidated net loss of approximately $1.3 million, or $0.08 loss per common share for the same three-month period in 2011.

The Company's financial position was significantly strengthened by the successful completion of a non-brokered private placement offering of its common shares for gross proceeds of approximately $7.7 million in December 2012. As of December 31, 2012, the Company's cash and short-term investments amounted to approximately $8.6 million.

"We were pleased with the positive response to the April 2012 commercial launch of our lead product, ColonSentry®, into New York and New Jersey," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "While interest by doctors and patients in this groundbreaking test has continued to grow, we are facing the prospect of generally constrained revenues in the US, particularly in New York and New Jersey, as changes to reimbursement, coding and related processes became effective on January 1. Despite these changes, in 2013, we expect to expand the availability of ColonSentry® into the rest of the United States and other global regions. We are also pursuing the development of new pipeline products based on our proprietary blood-based Sentinel Principle® platform technology and next generation technology platforms."

The Company's financial statements and management's discussion and analysis are available on www.sedar.com.

About GeneNews

GeneNews is a 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' 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.

GeneNews Extends Term of Certain Warrants

jying — Mon, 25 Feb 2013 14:05:24 -0600

Date: Fri, 2013-02-22 20:00

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GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") announces that it has received the approval of a majority of disinterested shareholders at a special meeting held earlier today to extend the term of certain share purchase warrants of the Company as previously announced.

About GeneNews

GeneNews is a 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' 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.

GeneNews to Hold Shareholder Meeting

jying — Thu, 17 Jan 2013 08:35:10 -0600

Date: Wed, 2013-01-16 06:00

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GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced an extension to the term of certain share purchase warrants (the "Warrants"), subject to the approval of a majority of disinterested shareholders at a special meeting (including any adjournments or postponements thereof, the "Meeting") to be held at the offices of Fasken Martineau DuMoulin LLP at 333 Bay Street, Suite 2400, Bay Adelaide Centre, Toronto, ON M5H 2T6, Canada on Friday, February 22, 2013, at 10:00 a.m. (Eastern time). The expiry date of the Warrants would be extended as follows:

2,978,065 Warrants amended and restated on January 16, 2012, exercisable into 521,161 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (the "2012 Warrants") would be extended to February 1, 2015 effective January 31, 2013;
12,752,208 Warrants dated June 8, 2011, exercisable into 2,231,636 Common Shares, having an exercise price of $1.44 per Common Share and expiring February 1, 2013 (together with the 2012 Warrants, the "February Warrants") would be extended to February 1, 2015 effective January 31, 2013; and
4,250,903 Warrants dated November 12, 2010, exercisable into 743,908 Common Shares, having an exercise price of $1.44 per Common Share and expiring on June 1, 2013 (the "June Warrants") would be extended to June 1, 2015 effective the date of the Meeting.

All other provisions of the Warrants will remain the same. Full exercise of the Warrants would result in 3,496,705 Common Shares to be issued, representing 10.4% of the Corporation's currently issued and outstanding 33,744,883 Common Shares. Insiders of GeneNews hold an aggregate of 8,648,872 Warrants, which represent 43.3% of the 19,981,176 Warrants being amended. Of the Warrants held by insiders of GeneNews, Rory Riggs (Director and Chair of the Board of GeneNews) holds 3,813,956 Warrants and AWM Investment Company, Inc. (employer of David Sable, who is a Director of GeneNews) holds 4,834,916 Warrants.

Between February 1, 2013 and the date of the Meeting, no February Warrants may be exercised. If the requisite shareholder approval is not received, the February Warrants will terminate as at the date of the Meeting and the June Warrants will terminate on June 1, 2013.

About GeneNews

GeneNews is a 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' 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.

GeneNews Implements Share Consolidation

jying — Mon, 24 Dec 2012 13:03:29 -0600

Date: Fri, 2012-12-21 10:00

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GeneNews Limited (TSX: GEN) ("GeneNews"), a molecular diagnostics company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, announced that its common shares (Symbol: GEN) (the "Shares") will be posted for trading at the opening of business on December 24, 2012, on a one-for-six consolidated basis (the "Consolidation"), resulting in 33,744,883 issued and outstanding Shares, under the new CUSIP number 36870T 20 6. The Consolidation was previously announced on December 7, 2012 and was approved by the shareholders of GeneNews on April 26, 2012.

No fractional Shares will be issued in connection with the Consolidation. If, as a result of the Consolidation, a shareholder becomes entitled to a fractional Share, such fractional Share will be rounded up to the nearest whole number if 0.5 or greater and down to the nearest whole number if less than 0.5.

Letters of Transmittal were mailed to shareholders on or about December 20, 2012 requesting them to deposit their duly completed Letters of Transmittal, together with their pre-consolidated share certificates, to Equity Financial Trust Company, at its principal office in Toronto, in exchange for share certificates representing the number of consolidated Shares to which they are entitled.

About GeneNews

GeneNews is a 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' 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.