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GeneNews Announces First Quarter Results
Date:5/2/2008

nt of leading cancer screening experts, Dr. David A.

Lieberman, Dr. David Sidransky and Dr. Richard Wender. They join Dr.

Bernard Levin who is Chair of the CRC Clinical Advisory Board.

- Published a paper entitled "Novel Blood-Based, Five-Gene Biomarker

Set for the Detection of Colorectal Cancer" in the January 15, 2008

issue of Clinical Cancer Research journal which further validates

GeneNews' proprietary approach to detecting colon cancer by

monitoring the gene expression patterns of unique biomarker sets in

blood.

Financial results (CDN dollars) for the first quarter, ended March 31, 2008:

Total revenue for the first quarter was $0.3 million compared to $1.7 million for the same period last year. Revenue in the first quarter of 2008 resulted from a collaboration agreement entered into with an Asian biomedical consortium to identify and validate a set of biomarkers in the field of prostate diseases, for a total fee of $2 million (USD), while revenue in 2007 resulted from a collaboration agreement with Pfizer completed in the first fiscal quarter of 2007.

Total operating expenditures for the first quarter were $2.9 million compared with $3.5 million for the same period last year. Research and development expenses for the first quarter were $2.2 million compared with $2.7 million for the same period last year. General and administrative expenses for the first quarter were $0.5 million compared with $0.6 million for the corresponding quarter in the previous year.

The net loss for the first quarter was $2.6 million or a loss of $0.05 per common share compared with a net loss of $1.7 million or a loss of $0.03 per common share for the same period last year. The net loss is reflective of the Company's continuing focus on research and development and product development leading to commercialization of its first product, ColonSentry(TM), and the advancement of related
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SOURCE GeneNews Limited
Copyright©2008 PR Newswire.
All rights reserved

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