GeneNews diagnostic news
GeneNews said it expects to reduce its number of employees by about 60% by Nov. 30. The company declined to disclose exact numbers of the reduction. The company said the move will extend its cash runway by about 18 months so that it can support Innovative Diagnostic Laboratory LLP (Richmond, Va.), a JV formed between GeneNews, Health Diagnostic Laboratory Inc. (Richmond, Va.) and an undisclosed sales company. GeneNews said it expects Innovative Diagnostic to launch this half GeneNews' ColonSentry blood test to assess patient risk for colorectal cancer in regions of the U.S. beyond New York and New Jersey. The partners, who will each hold one-third of the JV, will receive an undisclosed share of revenues and profits. At June 30, GeneNews had about C$6.4 million ($6.1 million) in cash and a six-month net loss of C$3.4 million ($3.3 million) (see BioCentury, April 16, 2012 & July 15, 2013). ...