TORONTO, Feb. 7, 2018 /PRNewswire/ - GeneNews Limited
(TSX:GEN) ("GeneNews" or the "Company") today provided an update on
the MESA, announced on November 9
2017 between GeneNews and Milost Global Inc. (Milost).
The MESA, which is legally binding on Milost, anticipates up to
US$10 million in financing, comprised
of up to US$4 million in equity
subscriptions, and up to US$6 million
in convertible notes. A first tranche draw of US$500,000 was initiated on November 21, 2017 with an anticipated closing
during the month of December. This first tranche has not yet
closed.
Based on communications to date, Milost has informed GeneNews
that it intends to complete the draw. No definitive closing date
has yet been agreed on.
"While we would obviously like this tranche to close and for us
to get on with growing the company, we are continuing to raise
money via alternative routes and are in discussion with several
parties. It is always prudent to have multiple paths should timing
on financing not always work to plan", said James Howard-Tripp, Chairman and CEO of
GeneNews. "Meanwhile, our discussions with large partners are
progressing well and we are working on implementation plans" he
added.
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, including
but not limited to any form of financing. 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