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GeneNews Announces Second Quarter Results
Date:8/7/2008

six month periods ended June 30, 2008:

Total revenue for the first quarter was $0.3 million (year-to-date - $0.6) compared to $nil (year-to-date - $1.7 million) for the same periods last year. Revenue in the second quarter 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 second quarter were $4.3 million (year-to-date - $7.3 million) compared with $2.7 million (year-to-date - $6.2 million) for the same periods last year. Research and development expenses in the second quarter were $3.0 million (year-to-date - $5.2 million) compared with $1.8 million (year-to-date - $4.4 million) for the same periods last year. General and administrative expenses for the second quarter were $0.8 million (year-to-date - $1.3 million) compared with $0.6 million (year-to-date - $1.3) for the corresponding periods in the previous year.

The net loss for the second quarter was $4.0 million or a loss of $0.07 per common share compared with a net loss of $2.3 million or a loss of $0.04 per common share for the same period last year. Year to date, the net loss was $6.6 (2007 - $4.0) million or a loss of $0.12 (2007 - $0.07) per common share. The net loss is reflective of the Company's continuing focus on research and development and product development which has led on July 21, 2008 to the launch of its first product, ColonSentry(TM), and the advancement of related products in the Company's pipeline.

As at June 30, 2008, the Company's cash and cash equivalents amounted to $6.7 million compared to $11.3 million as at December 31, 2007. The Company believes it has adequate resources to continue through the first quarter of 2009 based on its current cash and c
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SOURCE GeneNews Limited
Copyright©2008 PR Newswire.
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Related biology technology :

1. GeneNews CSO Dr. CC Liew awarded state honour by the Government of Malaysia
2. GeneNews Chief Scientist Dr. C.C. Liew co-editor of new genomics reference book
3. GeneNews initiates patient sample accrual for validation studies of colon cancer blood test
4. GeneNews receives ISO 13485 accreditation
5. GeneNews selected to present late-breaking abstract at AACR Annual Meeting
6. GeneNews announces 2007 year end results
7. GeneNews reports positive results from validation study of colorectal cancer biomarkers in late-breaking abstract at AACR
8. GeneNews Announces First Quarter Results
9. Genenews adds two members to its Board of Directors
10. GeneNews announces management changes to support commercialization of ColonSentry(TM)
11. GeneNews launches worlds first blood test for colorectal cancer screening
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