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GeneNews announces 2007 year end results
Date:3/26/2008

kits for use in the management of colorectal

disease in a laboratory setting.

- Received grant from the National Research Council's Industrial

Research Assistance Program (IRAP) in December.

- Renovated and relocated to expanded state-of-the-art facilities to

house the Company's corporate headquarters, offices, research and

development facilities and clinical reference laboratory in

September.

- Secured $2 million for development of prostate disease biomarkers

from an Asian biomedical consortium in August.

- Established laboratory facilities and infrastructure for patient

sample collection across multiple diseases in Penang, Malaysia.

- Established a Clinical Advisory Board of colorectal cancer screening

leaders in July.

Financial results (CDN dollars) for the fourth quarter:

Total revenue for the quarter ended December 31, 2007 was $0.3 million compared to $0.7 million for the same period last year. Revenue in 2007 resulted from an agreement entered into by the Company 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 revenues in 2006, resulted from a collaboration agreement with Pfizer completed in the first fiscal quarter of 2007.

Interest earned during the three months ended December 31, 2007 was $123,780, compared with $51,225 for the corresponding quarter in the prior year.

Total operating expenditures for the quarter ended December 31, 2007 were $3.1 million compared with $3.4 million for the same period last year. Research and development expenses for the quarter were $2.1 million compared with $2.7 million for the same period last year. General and administrative expenses for the fourth quarter were $0.7 million compared with $0.4 million for the corresponding quarter in the previous year.

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SOURCE GeneNews Limited
Copyright©2008 PR Newswire.
All rights reserved

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