TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) - GeneNews Limited (TSX:GEN), a molecular diagnostics company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, announced that approval was obtained for a proposed consolidation of the Company's issued and outstanding shares on the basis of one (1) post-consolidation common share for every six (6) pre-consolidation common shares at a special meeting of its shareholders held earlier today.
The timing for implementation of the consolidation will be determined by the Company's Board of Directors based upon its evaluation as to when such action would be most advantageous to the Company and its shareholders, but no later than January 31, 2012.
"We believe that this proposed share consolidation will provide shareholders with the potential for a more attractive share price, reduced shareholder transaction costs and improved trading liquidity as our partners prepare to launch ColonSentry in their respective markets," said Gailina J. Liew, President and 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' lead product, ColonSentry™, is the world's first blood test to pre-screen and assess an individual's current risk for colorectal cancer. For more information on GeneNews and ColonSentry™, go to 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, 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.