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

loss for the quarter ended December 31, 2007 was $2.6 million or ($0.05) per common share compared with a net loss of $2.7 million or ($0.05) 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 the process leading to commercialization of its first product ColonSentry(TM), a convenient and patient-friendly blood-based test that can assess a patient's current risk for colon cancer, and the advancement of related products in the Company's pipeline.

Financial results (CDN dollars) for the year-ended December 31, 2007:

Total revenue for the year-ended December 31, 2007 was $2.2 million compared with $3.3 million for the same period last year. Of the revenues in 2007, $0.2 resulted from the prostate disease biomarker development agreement and $1.7 representing the final revenue from a collaboration agreement with Pfizer. In 2006, revenues resulted entirely from the Pfizer agreement.

Interest earned during the year-end ended December 31, 2007 was $822,000, compared to $448,000 for the corresponding period during the prior year.

Total operating expenditures for the year-ended December 31, 2007 were $12.6 million compared with $12.7 million for the same period last year. Research and development expenses for the quarter were $8.9 million compared with $9.5 million for the same period last year. General and administrative expenses for the year-ended December 31, 2007 were $2.7 million compared with $1.9 million for the corresponding period in 2006.

The net loss for the year-ended December 31, 2007 was $9.6 million or ($0.17) per common share compared to a net loss of $8.9 million or ($0.18) per common share for the same period last year. The Company's continuing focus is on research and development leading to commercialization of its first product and the development of related products in the Company's pipeline.

As at December 31, 2007, the Compa
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SOURCE GeneNews Limited
Copyright©2008 PR Newswire.
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