TORONTO, ONTARIO--(Marketwire - June 30, 2010) - 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 executed a formal marketing partnership agreement with GeneDiagnostics Inc. ("GD") to market ColonSentry™, the world's first blood-based test to determine a person's current risk for colorectal cancer, in China.
As noted in a previous press release dated May 19, 2010, the agreement provides GD with non-exclusive rights to market and sell the ColonSentry™ test in Shanghai and the provinces of Zhejiang and Jiangsu. GD is targeting the fourth quarter of 2010 for the commercial launch of ColonSentry™. Financial terms were not disclosed.
According to the Chinese Anti-Cancer Association, the annual growth rate for colorectal cancer in China is 4.2%, more than double the global average of 2%, resulting in roughly 400,000 new cases of colorectal cancer in China each year. The total number of colorectal cancer patients in China has exceeded the total in the United States and onset of the disease in Chinese patients is about 10 years earlier than observed in North America and Europe. The highest incidence areas in China for colorectal cancer are the Yangtze River Delta (Shanghai and provinces of Zhejiang, Jiangsu) and the Zhujiang River Delta (Hong Kong, Macau and the province of Guangdong).
"The incidence of colorectal cancer in China has risen dramatically in recent years and will likely continue to rise over the next two decades as the Chinese increasingly adopt Western lifestyles and diets", said Mark Han MD PhD, President of GeneDiagnostics. "We are delighted to be working with GeneNews to bring the benefit of this groundbreaking test to people in China which can lead to earlier detection of colorectal cancer."
"ColonSentry™ is a patient-friendly blood test that can be easily incorporated into a routine physical examination to alert doctors and patients to move forward to colonoscopy," said Gailina J. Liew, President & Chief Operating Officer of GeneNews. "We are very pleased to be working with Dr. Han and look forward to building a strong and mutually beneficial partnership with him and GeneDiagnostics."
GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle®, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews launched its first commercial product, ColonSentry™, a blood-based test to pre-screen and assess an individual's current risk for colorectal cancer, in Canada in 2008. The Company's first U.S. marketing partner, Enzo Clinical Labs, is expected to launch the ColonSentry™ test in New York and New Jersey in the second half of 2010. For more information on GeneNews and ColonSentry™, visit www.genenews.com or www.ColonSentry.com.
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could 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.