- GeneNews is negotiating up to C$4
million in immediate financing with up to C$3 million as a follow-on. Milost Global
continues to confirm funding.
- Number of enrolled and active practices continues to grow
- Active engagement campaign with small practices to increase
utilization showing gains.
- Initial testing for large employer groups with a high-risk
workforce demonstrated need with above average high-risk findings.
Planning now for expansion of testing, with risk stratification
screening to begin in Q2.
- Implementation planning continues with two, large healthcare
systems, with test initiation planned for Q2/Q3.
- Telemedicine and direct to consumer testing continues to be
built out, as does new agreements with supportive diagnostic labs
to cross-promote as well as expand testing to each other's client
base. IDL will utilize the 8,000+ draw sites & mobile
phlebotomists across the 50 US states added late in 2017, as well
as the new laboratory agreements.
- Approximately 1,600 tests processed during Q4.
- New publications expected on both ColonSentry and Aristotle -
GeneNews' multiple cancer, early detection program utilizing the
Sentinel Principle, and from a single sample of blood.
- GeneNews is beginning the process of collecting and sharing
aggregated data in an effort to build a data-driven product to help
practices and healthcare systems better understand their patient
populations and build more effective programs.
TORONTO, April 3, 2018 /PRNewswire/ - GeneNews Limited
(TSX:GEN) ("GeneNews" or the "Company") today announced operational
and financial results for the three- and twelve-month periods
ended December 31, 2017, and provided
a progress update on its business.
"The fourth quarter of 2017 has been pivotal in that it is has
laid the groundwork for the growth that we expect in 2018,"
commented James R Howard-Tripp, GeneNews' Chairman and CEO.
"Although test volume and revenue was essentially flat during the
quarter, there are good explanations for that, and we have made
significant progress in our plans for growth into the four key
areas of focus."
Discussions continue with several self-insured organizations
that serve high-risk workforces. This past period included
presentations to multiple groups, including a large union, to
generate support for using GeneNews' tests for cancer risk
stratification to help identify patients who need to be placed in
active surveillance.
Another key development has been the MyCancerRisk Data
Analytics™ platform which is being developed to track and analyze
aggregate cancer screening data in order to monitor performance on
testing and early intervention. This platform will bring
significant value to large healthcare systems and self-insured
organizations who want to monitor compliance with cancer screening,
risk stratify their patient populations, and improve early
intervention. The program will also deliver economic comparisons of
early and late intervention.
"After nearly two years of very careful preparation, the pieces
are in place and it is now a matter of execution," said
Howard-Tripp.
2017 Financial Results
All amounts are expressed in U.S. dollars unless otherwise
stated and results are reported in accordance with International
Financial Reporting Standards.
For the year ended December 31,
2017, we reported a consolidated net loss of $2.9 million, or $0.03 loss per common share, as compared with a
consolidated net loss of $5.9
million, or $0.09 loss per
common share, for the same period in 2016. The $3.0 million decrease in net loss primarily
results from a $1.7 million change in
revaluation of warrants and a $1.2
million change in fair value of notes payable. In addition,
there were declines in finance costs of $0.4
million, in share of loss in IDL of $0.4 million, in cost of goods sold of
$0.1 million and in change in fair
value of conversion liabilities of $0.2
million; partially offset by a decline in revenue by
$0.6 million and an increase in
general and administrative expenses of $0.3
million. The overall mix of expenses incurred in 2017 has
changed from that in 2016, given our March
2016 acquisition of the remaining 50% interest in IDL.
"Cash received in-house for the Quarter at $54,000 is disappointing, and reflective of the
changes we are currently making in our billing processes. While not
yet reflected in the Company's financial results, we estimate our
current outstanding billings at approximately $4 million and continue to anticipate that our
recognized revenue will begin to grow in the months ahead," added
Howard-Tripp. "The work on implementing an upgraded billing process
with JTS Health Partners and bringing more of the process in-house
is expected to yield positive results over the next quarter".
The Company's financial statements and management's discussion
and analysis are available on www.sedar.com.
About GeneNews
GeneNews, an innovator in the liquid biopsy space, is committed
to becoming a leader in advanced diagnostics and personalized
medicine, serving as a strong commercialization outlet for early
detection of cancer and other chronic diseases. Our mission is to
identify, assess and make commercially available a comprehensive
menu of diagnostics that provide physicians and patients with
personalized clinical intelligence and actionable information to
improve health out-comes through the early diagnosis of disease.
Our Richmond, Virginia-based
Innovative Diagnostic Laboratory clinical reference lab specializes
in traditional and advanced clinical evidence-based blood testing
that helps find, understand, and address cancer risk in patient
populations. Currently, IDL offers risk assessment blood tests for
four prevalent cancer types - colon, lung, prostate and breast.
GeneNews' common shares trade on the Toronto Stock Exchange under
the symbol 'GEN'. More information on GeneNews and IDL can be found
at www.GeneNews.com and www.myinnovativelab.com,
respectively.
Forward-Looking Statements
This press release contains forward-looking statements
identified by words such as "expects", "will" and similar
expressions, which reflect the Company's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties that could cause the Company's actual
events to differ materially from those projected herein. Investors
should consult the Company's ongoing quarterly filings and annual
reports for additional information on risks and uncertainties
relating to these forward-looking statements. The reader is
cautioned not to rely on these forward-looking statements. The
Company disclaims any obligation to update these forward-looking
statements, except as required by law.
SOURCE GeneNews Limited