TORONTO, ONTARIO--(Marketwire - May 17, 2011) - GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") announces that at the annual and special meeting of its shareholders held on May 16, 2011, approval of disinterested shareholders was obtained for the early warrant exercise incentive program (the "Warrant Exercise Program") described in the Company's press release dated April 18, 2011. If all warrants eligible to participate in the Warrant Exercise Program are exercised during the 22-day period (the "Early Exercise Period"), which will commence on May 17, 2011 and end on June 8, 2011, the Company expects it will:
|– receive gross proceeds of up to approximately $4.1 million;|
|– issue up to approximately 17.2 million common shares of the Company pursuant to the exercise of the existing eligible warrants; and|
|– issue up to approximately 17.2 million incentive warrants. |
In addition, approval of disinterested shareholders was obtained for the debenture conversion opportunity (the "Debenture Conversion Opportunity"). If all holders of eligible convertible debentures participate in the Debenture Conversion Opportunity, the Company expects it will issue 24,170,620 common shares.
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, Enzo Clinical Labs and GeneNews Diagnostics, are expected to launch the ColonSentry™ test in China, the United States and Malaysia in 2011. For more information on GeneNews and ColonSentry™, 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 including as a result of warrantholders or debentureholders choosing not to participate in the proposals or the shareholders of the Company not approving the proposals. Investors should consult the Company's ongoing quarterly filings, annual information form 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.