GeneNews announces 2007 year end results (- Proceeds from exercise of employee ...)

GeneNews announces 2007 year end results

Date:3/26/2008

Proceeds from exercise of employee stock options - 165,410

Net proceeds from exercise of 2004 broker

warrants - 33,452

Proceeds of long-term debt 1,899,990 -

Repayment of long-term debt (268,316) (139,427)

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Cash provided by financing activities 1,688,559 23,956,151

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INVESTING ACTIVITIES

Short-term investment (400,000) -

Additions to property, plant and equipment (2,377,874) (784,113)

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Cash used in investing activities (2,777,874) (784,113)

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Net increase (decrease) in cash and cash

equivalents during the year (9,314,538) 15,912,686

Cash and cash equivalents, beginning of year 20,593,568 4,680,882

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Cash and cash equivalents, end of year 11,279,030 20,593,568

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Cash and cash equivalents are comprised

of the following

Cash 6,152,694 294,578

Investment in money market fund 5,126,336 20,298,990

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11,279,030 20,593,568

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GeneNews announces 2007 year end results(- Proceeds from exercise of employee ...)