TORONTO, ONTARIO--(Marketwire - Nov. 2, 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 approval of a seed capital grant from the Malaysian Biotechnology Corporation of approximately $625,000 (MYR1,876,000) to support the commercial launch of ColonSentry™, the world's first blood-based test to determine a person's current risk for colorectal cancer, in Malaysia through GeneNews Diagnostics Sdn. Bhd.
"Driving the global commercialization and clinical adoption of the ColonSentry test as an effective and patient-friendly first step to facilitate greater adherence to colorectal cancer screening guidelines continues to be our primary goal for 2010. This seed capital grant will help to address critical funding needs to accelerate the launch of ColonSentry in Malaysia, a key country in the Southeast Asian market", said Gailina J. Liew, President and Chief Operating Officer of GeneNews.
About GeneNews Limited
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 risk for colorectal cancer, in Canada in 2008. The Company's marketing partners, GeneDiagnostics and Enzo Clinical Labs, are expected to launch the ColonSentry™ test in China and the United States in the fourth quarter of 2010 and the first half of 2011, respectively. For more information on GeneNews and ColonSentry™, www.genenews.com or www.ColonSentry.com.
About GeneNews Diagnostics Sdn. Bhd.
GeneNews Diagnostics is a privately-held Malaysian company that will work with GeneNews Limited to commercialize ColonSentry in Malaysia and Southeast Asia. GeneNews Diagnostics was granted BioNexus Status by the Malaysian Biotechnology Corporation Sdn. Bhd. in December 2009. As such, it is eligible for a number of important incentives, including: an exemption from tax on 100% statutory income for a period of ten consecutive years of assessment from the first year the company derived statutory income from the new business or for a period of five consecutive years of assessment from the first year the company derived statutory income from the existing business and expansion project; an exemption of 100% statutory income derived from a new business or an expansion project that is equivalent to an allowance of 100% of qualifying capital expenditure incurred for a period of five years; a concessionary tax rate of 20% on statutory income from qualifying activities for ten years upon the expiry of the tax exemption period; tax exemption on dividends; exemption of import duty and sales tax on raw materials/components and machinery and equipment; double deduction on expenditure incurred for R&D; double deduction on expenditure incurred for the promotion of exports; and eligibility for buildings used solely for the purpose of biotechnology activities for an Industrial Building Allowance to be claimed over a period of ten years.
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.