TORONTO, June 2 /PRNewswire-FirstCall/ - GeneNews Limited (TSX: GEN), acompany focused on developing blood-based biomarker tests for the earlydetection of diseases and personalized health management, today announcedmanagement changes to support the commercialization of the Company's firstproduct, ColonSentry(TM).
Effective May 31, 2008, Dr. K. Wayne Marshall has resigned as Presidentand CEO to take on new duties as Chief Clinical Scientist for GeneNews. Dr.Marshall has also been appointed Vice Chair of the GeneNews Board ofDirectors. The Board has appointed a committee of three independent directorsto manage the search for a new President and CEO. In the interim, Dr. HeinerDreismann, an independent director of GeneNews and former President and CEO ofRoche Molecular Diagnostics, will oversee the Company's business as LeadDirector. Ms. Gailina Liew, formerly Senior Vice President, has also beenappointed as acting Chief Operating Officer with responsibility for theoperations of the Company.
"As GeneNews transitions into a commercial enterprise and prepares for thelaunch of ColonSentry, Wayne, the Board and I were in accordance that thetiming was appropriate to transition leadership of the Company to a Presidentand CEO with experience in the global commercialization of moleculardiagnostics," said Mr. Rory Riggs, Chair of the Board of Directors. "In theinterim, Dr. Dreismann's extensive experience and leadership at RocheMolecular Diagnostics will ensure that GeneNews is well prepared to enter thecommercialization phase."
"We have worked hard to ensure that ColonSentry is the world's firstblood-based test for colorectal cancer screening. I'm excited about theupcoming commercial launch of ColonSentry and committed to contributing to thefuture success of GeneNews in my new role as Chief Clinical Scientist and ViceChair of the Board," added Dr. Marshall.
"I welcome the opportunity to play a leading role during this transitionfrom development to commercialization," said Dr. Dreismann. "GeneNews hasdeveloped important technology that is expected to positively impact themolecular diagnostic field."
GeneNews is focused on the application of functional genomics to enableearly diagnosis and personalized therapeutic intervention based ondisease-specific biomarkers. The Company has developed a novel approach, theSentinel Principle(TM), to detect and stage virtually any disease or medicalcondition from a simple blood sample. GeneNews is currently applying theSentinel Principle(TM) in major areas with unmet clinical needs such ascancer, arthritis, cardiovascular disease and neurological disorders. For moreinformation on GeneNews, visit www.genenews.com.
This press release contains forward-looking statements, which reflect theCompany's current expectations regarding future events. The forward-lookingstatements involve risks and uncertainties. Actual events could differmaterially from those projected herein. Investors should consult the Company'songoing quarterly filings and annual reports for additional information onrisks and uncertainties relating to these forward-looking statements. Thereader is cautioned not to rely on these forward-looking statements. TheCompany disclaims any obligation to update these forward-looking statements.
SOURCE GeneNews Limited