GeneNews - Press Release feed

GeneNews announces issuance of second foundational U.S. patent for core Sentinel Principle® technology

jying — Wed, 17 Feb 2010 16:46:41 -0600

Date: Tue, 2010-02-16 10:00

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Significantly expands scope of protection for proprietary platform technology that identifies actionable biomarkers relating to disease and health from blood

GeneNews Limited (TSX: GEN), a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today announced that it has been granted a second U.S. patent for its core platform technology, the Sentinel Principle®. U.S. Patent No. 7,662,558, entitled "Method of profiling gene expression in a human subject." The patent covers the application of the Sentinel Principle® in any health management context, including diagnosis, staging of disease, drug testing, monitoring response to treatment and biomarker screening.

"This issuance follows the October 2009 issuance of U.S. Patent No. 7,598,031, which covers screening of blood for candidate biomarkers of any body state using large-scale gene expression profiling," said Dr. Heiner Dreismann, Lead Director and Interim CEO of GeneNews. "Together, these two patents form a strong foundation for our IP, protecting the application of our Sentinel Principle® across a broad spectrum of human conditions and through all aspects of personalized health management."

"We believe that the Sentinel Principle® has the potential to change the way that medicine is currently practiced," said Gailina Liew, President & Chief Operating Officer of GeneNews. "The issuance of this second U.S. patent significantly expands the scope of protection for this ground-breaking approach to identify clinically actionable biomarkers. It also enhances GeneNews' ability to realize additional commercial value through potential licensing arrangements, the pending issuance of additional patents which cover biomarker panels for specific clinical indications, and the continued development of our own pipeline of 'Sentry' products."

The Sentinel Principle®, a platform technology discovered and developed by GeneNews, is based on the concept that all clinical conditions and body states, including those resulting from disease or in response to treatment, generate characteristic gene expression signatures in the blood as a result of the constant and dynamic physiological interaction of blood with the cells, tissues and organs of the human body. This technology is the basis of GeneNews' initial product, ColonSentry™, the world's first blood test for colorectal cancer. ColonSentry™ was launched in Canada in 2008 and is poised to enter the New York and New Jersey markets in the second half of 2010 through GeneNews' exclusive partnership for these U.S. states with Enzo Clinical Labs. GeneNews' broad patent portfolio includes pending patents related to these foundational patents in diverse disease areas such as cancer, cardiovascular, neurological and inflammatory conditions.

GeneNews provides corporate and ColonSentry™ commercialization update

jying — Tue, 09 Feb 2010 08:45:17 -0600

Date: Tue, 2010-02-09 15:00

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ColonSentry™ data featured in International Journal of Cancer paper and editorial
Retains Reedland Capital Partners and Dundee Securities Inc.

GeneNews Limited (TSX: GEN), an emerging molecular diagnostics and personalized health management company, today provided an update on corporate initiatives and the commercialization of the Company's lead product ColonSentry™, the world's first blood test for colorectal cancer.

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     Update
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GeneNews' innovative blood-based platform technology, the Sentinel Principle®, which forms the basis of the ColonSentry™ test, is currently featured in an editorial found in the International Journal of Cancer (Volume 126, Issue 5, March 1, 2010). The paper which reports on the clinical validation data for ColonSentry™ appears in the same issue.

"As reported in the International Journal of Cancer, the analysis includes a total of 314 cancer samples in training and test set populations resulting from more than 10,000 patient samples collected from 25 screening colonoscopy and surgery clinics in North America, and represents one of the largest, if not the largest, colorectal cancer patient groups in a blood-based prospective study thus facilitating a well-controlled design,'' said Dr. Bernard Levin, Chair of GeneNews' Colorectal Cancer Clinical Advisory Board.

"The reported data sets provide a solid basis for the Company's ColonSentry™ test which offers patients a blood-based testing option and thus has the potential to facilitate greater adherence to colorectal cancer screening guidelines." The editorial and paper entitled, "A Blood-Based Biomarker Panel for Stratifying Current Risk for Colorectal Cancer," are currently available online at: http://www3.interscience.wiley.com/journal/123226630/issue.

"Throughout 2009, we achieved several important corporate and commercialization milestones, including the execution of a strategic marketing partnership with our first regional U.S. commercialization partner for ColonSentry™, Enzo Clinical Labs Inc., a subsidiary of Enzo Biochem, and the issuance of our first U.S. foundational patent for our core platform technology, the Sentinel Principle®," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "Our efforts were supported by a strong investor base that stepped forward to provide an aggregate of $7.5 million in working capital over the past 14 months. We are appreciative of their demonstrated commitment which leaves us well-positioned as we look forward to 2010 and continue to build upon the positive momentum from our recent achievements."

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     Background
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The Sentinel Principle®, a platform technology developed, owned and patented by GeneNews, is based on the concept that all health conditions and body states, including those resulting from disease or in response to treatment, generate characteristic gene expression signatures in a person's blood as a result of the close physiological interaction of blood with the cells, tissues and organs of the human body. U.S. Patent No. 7,598,031, issued to the Company on October 6, 2009, and entitled "Method for the detection of gene transcripts in blood and uses thereof," protects the Sentinel Principle®. The Sentinel Principle® is a powerful method for identifying biomarkers from whole blood relating to any disease or health condition. This technology is the basis of GeneNews' first commercialized product, ColonSentry™, the world's first blood test for colorectal cancer.

ColonSentry™ was commercially launched by GeneNews in Toronto, Canada, in July 2008, and is the first example of a clinical test developed from the Sentinel Principle®.

In 2009, GeneNews presented the results of an health economic analysis of the ColonSentry™ test to facilitate screening for colorectal cancer. This health economic study, entitled, "The Cost-Effectiveness of a Blood Test for Colorectal Cancer Screening", demonstrated that the use of the ColonSentry™ test as a first step to triage average-risk patients followed by colonoscopy detected more early-stage colorectal cancers ("CRC"), thereby potentially reducing mortality attributable to CRC, and lowered the costs associated with late-stage CRC treatment compared to use of the fecal occult blood test (FOBT) or no screening. GeneNews also expanded the number of ColonSentry™ specimen collection services centres that are available in Ontario through Gamma-Dynacare Medical Laboratories, a leading provider of laboratory services, information and products in Canada. The Company also announced a commitment by the Malaysian Ministry of Health to provide the Company with a grant of MYR 5 million (approximately $1.55 million) to support a two-year joint project to expand the Company's pipeline of products to include the development of blood-based diagnostic tests for liver cancer and hepatitis based on the application of the Company's Sentinel Principle® platform technology.

In December 2009, the Malaysian government granted BioNexus status to the Company's Malaysian subsidiary as it prepares for the commercial launch of ColonSentry™ in Malaysia. BioNexus status is a designation awarded to qualifying biotechnology companies, making them eligible for certain tax benefits and privileges otherwise not available within Malaysia. These privileges include: freedom of ownership (including intellectual property); freedom to source funds globally; and freedom to bring in knowledge workers. BioNexus status is an important factor in attracting capital to prepare for the commercialization of ColonSentry™ in Malaysia.

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     Outlook for 2010
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Looking forward, the Company's upcoming anticipated milestones for 2010 include:

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the commercial launch of ColonSentry™ in New York and New Jersey by GeneNews' exclusive partner for these U.S. states, Enzo Clinical Labs;
continued efforts to further the adoption and use of ColonSentry™ in Canada;
the engagement of additional partners to establish a global ColonSentry™ marketing and distribution network that will make ColonSentry™ available to patients in Europe, China, Malaysia, and regions of the United States not covered by GeneNews' agreement with Enzo;
the initiation of further clinical and economic studies to generate additional data to support public and private health insurance reimbursement, and clinical adoption of ColonSentry™ as a cost-effective and patient-friendly first step to facilitate greater adherence to colorectal cancer screening guidelines;
partnering to advance further development of GeneNews' pipeline of molecular products based upon the Sentinel Principle®; and
additional patent issuances to expand the scope of protection for the Company's Sentinel Principle® platform technology to include all aspects of personalized health management from early detection to determining response to treatment, and to protect the use of biomarkers derived from the application of the Sentinel Principle to specific clinical applications.

"We also intend to expand our shareholder base in 2010 and access additional working capital to support the pursuit of our milestones. Although no terms for an offering of securities have yet been agreed upon, the Company has recently retained Dundee Securities Corporation, a Canadian-based investment dealer and Reedland Capital Partners, an institutional division of Financial West Investment Group, Inc., a US-based, SEC-registered broker-dealer, as our agents to assist us in these efforts," said Ms. Liew.

"Our ColonSentry™ commercialization strategy is centred on the engagement of capable and experienced partners to establish a global marketing and distribution network for ColonSentry™, thereby reducing the overall capital and in-house sales and marketing requirements that would otherwise be required by GeneNews to make ColonSentry™ broadly available to patients around the world. This strategy will ultimately lead to what the Company expects will be a strong recurring revenue base for GeneNews from royalties resulting from ColonSentry™ sales by our partners. Our primary focus for 2010 is to ensure that we remain on track with the execution of this strategy."

GeneNews to Present at OneMedPlace Financial Forum

jying — Tue, 12 Jan 2010 11:21:14 -0600

Date: Mon, 2010-01-11 09:00

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GeneNews Limited (TSX: GEN), an emerging molecular diagnostics and personalized health management company, today announced that Gailina J. Liew, newly appointed as the company’s President and Chief Operating Officer, will present at the OneMedPlace Financial Forum in San Francisco, California, on Tuesday January 12th, 2010. The presentation will take place at 8:00 a.m. Pacific Time at the Sir Francis Drake Hotel. Held annually in San Francisco, the OneMedPlace Financial Forum was created to feature emerging healthcare and life science companies to foster connections with investors and strategic partners.

GeneNews Raises More Than $2 Million in Non-Brokered Private Placement

jying — Tue, 22 Dec 2009 18:44:34 -0600

Date: Tue, 2009-12-22 13:00

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GeneNews Limited (TSX: GEN), an emerging molecular diagnostics and personalized health management company, today announced that it has accepted subscriptions for a non-brokered private placement offering of its common shares previously announced on December 9, 2009, for gross proceeds of $2,310,499.80. These private placement proceeds will result in the issuance of an aggregate of 5,134,444 common shares from treasury at a price of $0.45 per share. GeneNews will use the proceeds for general working capital purposes, expanding access to the ColonSentry™ test in Canada, the United States, Europe and Asia, and pipeline development.

The securities issued pursuant to the private placement are subject to the Canadian resale rules which include a four-month restricted period before the common shares may become freely-tradeable within Canada. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state or to, or for the account of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

Holders of a majority of the Company's shares (excluding those shares held, directed or controlled by the deemed insider investment fund that participated in the private placement and its affiliates) provided their written consent for this private placement transaction. This offering provided the holders of the Company's convertible debentures with an opportunity to convert their debenture holdings into common shares of the Company. No holders of convertible debentures elected to convert their debentures pursuant to this conversion opportunity.

GeneNews announces proposed non-brokered private placement

jying — Thu, 10 Dec 2009 11:57:31 -0600

Date: Wed, 2009-12-09 09:00

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GeneNews Limited (TSX: GEN) ("GeneNews" or the "Company"), an emerging molecular diagnostics and personalized health management company, today announced that it is proposing to complete a non-brokered private placement (the "Private Placement") of up to 4,444,444 common shares from treasury at a price of $0.45 per share for total gross proceeds to the Company of up to $2,000,000. GeneNews will use the proceeds for general working capital purposes, the continued marketing of ColonSentry™ in Canada, and pre-launch preparation for the commercial launch of the ColonSentry™ test in the United States, Europe and Asia.

It is anticipated that a specific labour sponsored investment fund corporation ("Fund") will subscribe for 2,222,222 common shares for an aggregate purchase price of approximately $1,000,000. The Fund, through its current holdings and through the number of common shares of the Company that are held, directed or controlled by the Fund's associates and affiliates (which, in the aggregate, total 13.1% of the Company's outstanding common shares), is deemed to be an insider of the Company pursuant to securities legislation and the requirements of the Toronto Stock Exchange ("TSX"). The balance of the common shares to be issued pursuant to the Private Placement is expected to be subscribed for by arm's length parties. The number of common shares of the Company issuable pursuant to the Private Placement will represent approximately 7.0% of the 63,893,437 currently issued and outstanding common shares of the Company on a non-diluted basis. The number of common shares issuable to the Fund pursuant to the Private Placement will represent approximately 3.5% of the Company's currently issued and outstanding common shares on a non-diluted basis.

On December 23, 2008, the closing price of the Company's common shares was $0.085 per share on the TSX. On December 31, 2008, January 16, 2009 and February 11, 2009 the Company announced the completion of a private placement of convertible debentures (the "Debentures") that were issued at par and were sold for an aggregate principal amount of $3,252,342. In connection with this Debenture private placement, the purchasers of the Debentures also received an aggregate of 13,009,370 warrants (the "Warrants"), where each Warrant is exercisable for one common share of the Company at an exercise price of $0.25 per share with expiry dates ranging from December 31, 2011 to February 11, 2012. Pursuant to the terms of the Debentures, the principal amount of each Debenture together with any accrued and unpaid Interest (the "Conversion Amount") is convertible at the option of the Debenture holder into any common shares and/or warrants of the Company that may be offered for sale by the Company (the "Equity Securities") by way of any prospectus or private placement offering made during the term of the Debentures (an "Offering"). The Debentures are only convertible at times when the Company decides to undertake an Offering of Equity Securities. Should a Debenture holder wish to convert the Conversion Amount, then at least two business days prior to the closing of an Offering the Debenture holder must provide notice to the Company by delivery of an executed copy of a conversion notice. The Conversion Amount shall then be converted into the Equity Securities at a price that is 10% below the price at which the Equity Securities are sold in the Offering, subject to any upward adjustment that may be required to this discount in order to comply with the maximum allowable discount permitted by the TSX and any other TSX requirements.

The Private Placement accordingly provides the Debenture holders with the opportunity to convert their Conversion Amounts into common shares at a price of $0.405 per common share (an amount that represents a 10% discount to the price at which the common shares are being offered pursuant to the Private Placement). The total aggregate principal amount of Debentures that were issued by the Company was $3,252,342. Accrued and unpaid interest owing on these Debentures will total $440,287 on the expected closing date of the Private Placement. As a result, the potential number of common shares of the Company issuable pursuant to the potential conversion of the Debentures (if all Debenture holders elect to convert their Conversion Amounts) is 9,117,602 which represents approximately 14.3% of the 63,893,437 currently issued and outstanding common shares of the Company on a non-diluted basis. Since morethan one-quarter of the Debentures were purchased by members of the Company's management and the Company's board of directors, the number of potential common shares issuable to current insiders of the Company pursuant to the potential conversion of Debentures will represent approximately 8.9% of the Company's currently issued and outstanding common shares on a non-diluted basis. However, the Company has confirmed that no insiders will be electing to convert their Debentures pursuant to this conversion opportunity.

"We are pleased with our decision last year to refinance the Company at that time by way of the convertible debenture offering instead of issuing common shares when their trading value was at an historic low. We are also pleased by the financial support that key shareholders have continued to provide to the Company to support our commercialization efforts. The proceeds from our current offering will assist with the continued marketing of ColonSentry™ in Canada as well as preparation for the commercial launch of the ColonSentry™ test in Europe, Asia and regions of the United States not covered by our recently announced marketing partnership with Enzo Clinical Labs," said Dr. Heiner Dreismann, Lead Director and Interim CEO of GeneNews.

When considering: (i) the common shares that may be issued pursuant to the Private Placement; and (ii) the issuance of common shares pursuant to the potential conversion of Debentures this aggregate number of common shares represents approximately 21.2% of the 63,893,437 currently issued and outstanding common shares of the Company on a non-diluted basis. The number of common shares potentially issuable to insiders of the Company pursuant to the Private Placement and the potential conversion of Debentures will represent approximately 12.4% of the Company's currently issued and outstanding common shares on a non-diluted basis.

The Private Placement and the issuance of common shares pursuant to the conversion of any Debentures is subject to the approval of the TSX. Since the acceptance of the expected Private Placement subscription from the Fund, as well as the potential issuance of common shares pursuant to the conversion of any Debentures held by insiders, will provide for the issuance of common shares to insiders of the Company during a six-month period of greater than 10% of the number of common shares of the Company, the rules of the TSX require that the Company obtain approval for such issuances from the holders of a majority of the Company's common shares (excluding votes attached to the common shares of the Company that are held by any insiders and their associates and affiliates participating, directly or indirectly, in the Private Placement or the conversion of a Debenture). However, the rules of the TSX also provide that such approval may be obtained in writing from the shareholders of the Company without the need to convene a shareholders meeting for such purposes. The Company intends to rely on this exemption in connection with the Private Placement and the issuance of any common shares pursuant to the conversion of any Debentures. Persons who beneficially own, direct or control any of the Company's common shares should immediately request a Consent and Approval Form by contacting Gailina Liew, Chief Operating Officer, GeneNews Limited, tel.: +1-905-739-2030 (main), tel.: +1-905-739-2036 (direct), tel. +1-866-375-0442 (toll free), email: gliew@genenews.com.

The closing of the Private Placement and the issuance of any common shares pursuant to the conversion of any Debentures are expected to occur on or about December 18, 2009 or as soon as is practicable after that date. Shareholders submitting a completed Consent and Approval Form should do so at their earliest opportunity and prior to December 16, 2009. Any Debenture holder electing to convert their Conversion Amount into common shares must provide the Company with a conversion notice by 4:00 p.m. (Toronto time) on December 16, 2009.

GeneNews partners with Enzo Clinical Labs to market ColonSentry™ in the U.S.

jying — Wed, 18 Nov 2009 08:18:20 -0600

Date: Wed, 2009-11-18 18:00

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- GeneNews licenses exclusive marketing rights for colorectal cancer blood test to Enzo for key states of New York and New Jersey -

GeneNews Limited (TSX: GEN), an emerging molecular diagnostics and personalized health management company today announced that it has entered into a marketing partnership agreement with Enzo Clinical Labs (New York, NYSE:ENZ) for the exclusive rights to market ColonSentry™, the world's first blood test for colorectal cancer, in New York and New Jersey. Enzo will validate and seek approval of the ColonSentry™ test pursuant to New York, New Jersey and CLIA requirements in addition to marketing and securing third party reimbursement for the test. Commercial terms were not disclosed. Enzo is projecting the U.S. launch of ColonSentry™ in the second half of 2010.

"Enzo is focused on bringing leading edge, world-class molecular tests to our customers and offering first-in-class tests such as ColonSentry™ is a central component of this strategy," said Dr. Kevin Krenitsky, President of Enzo Clinical Labs. "We are pleased to be working with GeneNews as their exclusive marketing partner in our key territories for this groundbreaking test which offers patients a novel, non-invasive option for determining an individual's current risk for colorectal cancer."

"The greatest barrier to reducing mortality arising from colorectal cancer is patient compliance with screening," said Dr. Bernard Levin, an internationally recognized expert in colorectal cancer screening and Chair of the GeneNews Colorectal Cancer Clinical Advisory Board. "As a blood-based test, ColonSentry™ can encourage individuals to undergo screening which could lead to earlier detection, thereby potentially reducing the suffering and death that can result from this highly treatable disease."

"GeneNews is pleased to be working with Enzo, an undisputed leader in the molecular diagnostic lab space and an excellent match for our lead product," said Dr. Heiner Dreismann, Lead Director and Interim CEO of GeneNews. "Enzo is our first US regional marketing partner and will provide an important segment of the eligible U.S. population with access to our ColonSentry™ test," added Gailina Liew, COO of GeneNews. "This marketing partnership is a key milestone achievement for GeneNews and follows the recent achievement of additional milestones including the publication of clinical validation data for ColonSentry™ and the issuance of a core U.S. patent for our Sentinel Principle® platform technology. In line with our ColonSentry™ commercialization strategy, we are actively engaged in discussions with potential marketing partners in other U.S. regions, Europe and Asia to provide global access to ColonSentry™."

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       About Colorectal Cancer and Screening
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In the U.S., colorectal cancer is the third leading cause of cancer deaths for men and women. Colorectal cancer has a very poor prognosis if it is diagnosed after the cancer has spread distantly outside the colon; however, if it is detected early it is usually curable. Additionally, detecting and removing pre-cancerous polyps may help prevent cancer from developing. Current screening tests are invasive, expensive, inconvenient or not readily available. As a result, the vast majority of individuals eligible for screening are not adequately screened. It is estimated that about 80 million people in the U.S. aged 50 or older would benefit from regular screening and that only approximately 45% of this group comply with current screening guidelines. Outside the U.S., screening compliance rates are much lower.

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       About Enzo
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Enzo Biochem, Inc., is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of both routine and esoteric test services to the medical community. Since its founding in 1976, the Company's strategic focus has been on the development of enabling technologies in the life sciences field. Enzo Life Sciences develops, produces and markets proprietary labelling and detection products for gene expression analysis, nucleic acid detection, protein biochemistry, and cellular analysis, among others. Its catalog of over 40,000 products serve the molecular biology, cellular biochemistry, drug discovery and pathology research markets worldwide. Enzo Clinical Labs division provides laboratory services for a growing roster of physicians in the New York Metropolitan area, as well as New Jersey and parts of Pennsylvania. Its tests include, in addition to routine tests, capabilities for detecting molecular infectious disease, molecular oncology, autoimmune disorders and genetics. Enzo Clinical Labs also provides clinical diagnostic services that allow Enzo to capitalize on its extensive advanced molecular and cytogenetic capabilities and the broader trends in predictive and personalized diagnostics. Enzo Therapeutics is a biopharmaceutical venture that has developed multiple novel approaches in the areas of gastrointestinal, infectious, ophthalmic and metabolic diseases. It has focused its efforts on developing treatment regimens for diseases and conditions for which current treatment options are ineffective, costly, and/or cause unwanted side effects. In the course of the company's research and development activities, Enzo has developed a substantial portfolio of intellectual property assets, with over 240 issued patents worldwide and more than 200 pending patent applications.

GeneNews announces third quarter results

jying — Wed, 11 Nov 2009 08:22:37 -0600

Date: Wed, 2009-11-11 02:00

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GeneNews Limited (TSX: GEN), a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today reported operational and financial results for the third quarter-ended September 30, 2009.

"We recently accomplished two major milestones. We were issued a US patent for our proprietary Sentinel Principle® platform technology and positive validation data was published for a novel blood-based, seven-gene biomarker set that forms the basis of our lead product ColonSentry™, the world's first blood test for colorectal cancer," said Dr. Heiner Dreismann, Lead Director and Interim CEO of GeneNews. "Our proprietary Sentinel Principle® platform technology is used to identify clinically actionable biomarkers that reflect complex changes in blood gene expression patterns and this patent could entrench this technology in the rapidly-growing molecular diagnostics industry. We look forward to further leveraging the potential of our platform as we continue our ongoing discussions with potential marketing partners in the United States and selected countries in Europe and Asia to expand access to ColonSentry™ outside of Canada."

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Recent highlights:

Entered into an agreement allowing Eli Lilly and Company (NYSE: LLY) select access to research from its osteoarthritis genomic biomarker program.
Granted a U.S. patent for its core platform technology, the Sentinel Principle®, a powerful method for identifying clinically actionable biomarkers relating to disease and health from a basic blood sample.
Publication of positive validation data in the International Journal of Cancer for a novel blood-based, seven-gene biomarker panel for colorectal cancer that can stratify average risk patients according to their current relative risk of actually having colorectal cancer, the basis of the Company's lead product ColonSentry™.
Publication of a paper in the Journal of Clinical Gastroenterology reporting data using GeneNews' proprietary Sentinel Principle® platform technology to identify complex changes in blood gene expression patterns that were differentially regulated between active and inactive Crohn's disease.
Completed non-brokered, private placement for total gross proceeds in the amount of $2,000,000.

GeneNews has sufficient funds to continue its operations into the first quarter of 2010. Efforts to secure access to additional capital resources are continuing; however there is no assurance that these initiatives will be successful.

Financial results (CDN dollars) for the third quarter-ended September 30, 2009:
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For the three-month period ended September 30, 2009, the Company recorded revenue of $0.4 million compared with $0.3 million for the three-month period ended September 30, 2008. Revenues in the three-month period for 2009 were attributable to a collaborative research agreement, recovery of receivables from an Asian biomedical consortium, and ColonSentry sales. For the same period 2008, revenues were from the Asian biomedical consortium. For the nine-month period ended September 30, 2009, the Company recorded revenue of $0.7 million compared with $0.9 million for the nine-month period ended September 30, 2008.

For the three-month period ended September 30, 2009, total operating expenditures were $1.8 million compared to $4.3 million for the same period last year. For the nine-month period ended September 30, 2009, total operating expenditures were $5.9 million compared to $11.6 million for the same period last year. Research and development expenses for the quarter were $0.7 million compared to $2.6 million for the same period last year. Research and development expenses for the nine-month period ended September 30, 2009 were $2.4 million compared to $7.9 million for the same period last year. Sales and marketing expenses for the quarter were $0.1 million compared to 0.3 for the same quarter last year. Sales and marketing expenses for the nine-month period ended September 30, 2009, were $0.4 million compared to 0.3 for the same period last year. General and administrative expenses for the quarter were $0.5 million compared to $0.7 million for the corresponding quarter in 2008. General and administrative expenses for the nine-month period ended September 30, 2009, were $1.7 million compared with $2.0 million in the corresponding period last year.

Net loss for the three-month period ended September 30, 2009, totalled $1.4 million or ($0.02) per common share compared to a net loss of $3.9 million or ($0.07) per common share for the three-month period ended September 30, 2008. Net loss for the nine-month period ended September 30, 2009, was $5.1 million or ($0.09) per common share compared to a net loss of $10.5 million or ($0.19) per common share the corresponding period last year.

As at September 30, 2009, the Company's unrestricted cash and cash equivalents amounted to $1.3 million compared to $1.4 million as at December 31, 2008, and the Company had 63,883,437 common shares and 9,131,014 stock options outstanding.

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

Attached file description:: Financial statements are available in the attached pdf document.

Attached file: GeneNews_2009Q3_Statement.pdf (22.35 KB)