TORONTO, ONTARIO--(Marketwire - May 19, 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 binding term sheet with GeneDiagnostics Inc. ("GD"), a private clinical research and services company in China, for the non-exclusive rights to market ColonSentry™, the world's first blood-based test to determine a person's current risk for colorectal cancer.
The term sheet sets forth the main criteria to be incorporated into a definitive marketing partnership agreement under which GD would obtain non-exclusive rights to market and sell the ColonSentry™ test in Shanghai and the provinces of Zhejiang and Jiangsu where a combined population of more than 38 million men and women aged 50 or older reside. GeneNews expects that the negotiation and execution of a formal marketing partnership agreement will be completed before the end of the Company's current fiscal quarter.
"We are delighted to be working with GeneDiagnostics, our first ColonSentry™ marketing partner in China. The engagement of additional partners to establish a global ColonSentry™ marketing and distribution network is a key objective for GeneNews in 2010 and the signing of this binding term sheet with GeneDiagnostics is an important step towards achieving that goal," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.
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 assess an individual's risk for colorectal cancer, in Canada in 2008. The Company expects ColonSentry™ to be introduced to the New York and New Jersey markets, via GeneNews' exclusive partnership for these U.S. states with Enzo Clinical Labs, 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.