- North American resources focused on commercialization of
ColonSentry(TM); Asian resources focused on pipeline development and
local commercialization -
TORONTO, Nov. 12 /PRNewswire-FirstCall/ - GeneNews Limited (TSX: GEN), a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today announced that it has implemented a strategic restructuring of its North American and Asian operations. The Company's operation in Canada will focus on the Canadian and U.S. commercialization of its lead product, ColonSentry(TM), the world's first blood-based test to determine a person's current risk for colorectal cancer. Research and development of the Company's pipeline, including patient sample accrual to support these activities, will be moved to GeneNews' Asian operations. As part of the restructuring, the Company has reduced its workforce in Canada by 40%.
"While these actions are difficult, when assessing the structure of our company and our strengths in Canada and Asia, we determined that there were efficiencies in research and development that could be better leveraged from our Asian operations in Penang, Malaysia and Tianjin, China," said Dr. Heiner Dreismann, Lead Director and Interim CEO of GeneNews. "Transferring this segment of our operations to our Asian facilities also enhances opportunities to access to capital from Asian sources, which GeneNews has successfully secured in the past, to support research and development activities including the accrual of patient samples to support our pipeline development. We will also be better positioned to attract resources and expertise to facilitate the commercial launch of our products in China, Malaysia and the surrounding regions."
Dr. Dreismann continued: "This restructuring will result in a
substantial reduction in cash expenditures in Canada over the near term and
allows us to completely refocus our No
|SOURCE GeneNews Limited|
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