GeneNews Announces Q3-2016 Financial Results And Provides Corporate Update

TORONTO, Nov. 11, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today reported operational and financial results for the three-month period ended September 30, 2016.

Corporate Update

The third quarter of 2016 was a period of significant progress for GeneNews:
  • Signed first early cancer diagnostic partnership with a large healthcare group, NueHealth, LLC ("NueHealth")
  • Accelerated fundraising activities to support growth of the Company's business
  • Began the process of reducing the Company's outstanding trade and other payables
  • Adopted a new flat-fee business model, reducing GeneNew's reliance on collections from third party payers

A central part of that early success has been GeneNews' population health model whereby the portfolio of early cancer diagnostic tests offered through its Virginia-based clinical reference lab, Innovative Diagnostics Laboratory ("IDL"), provide important risk stratification at the beginning of the cancer diagnostic process, so that those patients who are at highest risk are prioritized for advanced diagnostic procedures.

"As healthcare providers actively seek ways to improve the cancer risk screening rates, our quick and convenient blood-based testing programs are uniquely positioned to help bridge that compliance gap," explained James R Howard-Tripp, GeneNews' Chairman & CEO. "Driven by the shift to value-based healthcare delivery, we are seeing that message begin to really resonate with the medical community. By leveraging our menu of advanced cancer tests, doctors now have the capability to implement cancer risk stratification programs for their patients that lead to improved patient compliance, reduced industry costs, better use of healthcare resources and, ultimately, improved patient outcomes."

GeneNews' partnership with NueHealth, announced in September 2016, is the first agreement from the Company's collaboration with JTS Health Partners ("JTS"). NueHealth delivers value-based healthcare solutions and operates a growing nationwide system of integrated physician networks ("IPNs"). Under the agreement, NueHealth doctors will immediately be able to take advantage of three different GeneNews screening tests - ColonSentry®, earlyCDT®Lung and Prostate Health Index - which provide early risk stratification of colorectal cancer, lung cancer and prostate cancer, respectively.  All three screenings utilize a quick and convenient blood test where the sample will be drawn at one of NueHealth's many provider-owned care centers, and then sent to IDL in Richmond, VA for analysis.

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