GeneNews Applies For Further Extension of TSX’s Remedial Review Process

TORONTO, May 18, 2016 (GLOBE NEWSWIRE) — GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) announced today that, further to its press release of March 11, 2016, it has applied to the Toronto Stock Exchange (the “TSX”) for a further extension of the TSX’s Remedial Review Process to allow the Company additional time to demonstrate compliance with the continued listing requirements of the TSX (the “Listing Requirements”).

Over the course of the past several weeks, GeneNews has made significant progress toward restructuring its operations, including, but not limited to, it completing a non-brokered private placement under the Financial Hardship Exemption. In addition, the Company is pursuing additional financing options in order to further strengthen its balance sheet.  Finally, GeneNews is continuing to work with its auditors to complete its audited financial statements and the MD&A for the year ended December 31, 2015, with filing currently expected to occur on or before May 27, 2016.  GeneNews believes the above may have a positive impact on the Company’s ability to demonstrate compliance with the Listing Requirements.

About GeneNews

GeneNews is focused on developing and commercializing proprietary molecular diagnostic tests for the early detection of diseases and personalized health management, with a primary focus on cancer-related indications. The Company’s lead product, ColonSentry®, is the world’s first blood test to assess an individual’s current risk for colorectal cancer. GeneNews’ common shares trade on the Toronto Stock Exchange under the symbol ‘GEN’. More information on GeneNews can be found at www.GeneNews.com

About IDL

Richmond, Virgina-based IDL is a national clinical reference lab specializing in personalized blood-based testing to help find, understand, and address cancer risk in patient populations. IDL’s mission is to provide a comprehensive menu of traditional and advanced clinical evidence-based blood tests that aid in early cancer detection. Currently IDL offers risk assessment blood tests for the three most prevalent cancer types including lung, colon and prostate.  IDL is actively in-licensing and commercializing an array of DNA, RNA, protein and autoantibody blood-based cancer diagnostic tests to address early detection of all major types of cancer.

Forward-Looking Statements

This press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events, including the restructuring of its business. These forward-looking statements involve risks and uncertainties and material assumptions – including those related to general business and economic conditions as well as our ability to complete an orderly restructuring of the Company’s operations which may include a sale, merger, strategic financing or other business combination – that could cause the Company’s actual events to 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, except as required by law.

 

CONTACT: Company Contact:
James R. Howard-Tripp 
Executive Chairman 
Office: (905) 209-2030 
jhoward-tripp@genenews.com

Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (647) 872-4849
stephen@kilmerlucas.com