GeneNews stock is up 177% YTD as their ColonSentry cancer detection kit wins a large agreement
Nothing is more important in life than your health. The early detection of diseases like cancer is improving each decade, providing us some peace of mind that the disease can be caught before a critical stage.
GeneNews Limited (TSX: GEN) is a life sciences company focused on the development and commercialization of their proprietary molecular diagnostic tests for early detection of diseases and personalized health management. They are primarily focused on cancer-related indications and have developed a proprietary platform technology called the Sentinel Principle to identify novel biomarkers from whole blood.
Cancer detecting products – ColonSentry and Aristotle
GeneNews’ lead product is ColonSentry® which conducts blood testing to determine the patient’s current risk of having colorectal cancer. GeneNews is a pioneer in developing one of the first blood-based biomarker tests for colorectal cancer. By observing circulating blood, ColonSentry® can detect what is occurring throughout the body. In the US more than 100,000 patients have benefited from the ColonSentry® test. The mission over the next decade is to reduce late stage cancer by 50% through early interventions and detection at the beginning, not at the end.
GeneNews other product is Aristotle. It can simultaneously screen for multiple cancers from a single blood sample. In addition to cancer, Aristotle has the ability to test for multiple disease states including psychiatric disorders, heart disease, and autoimmune disorders.
In total GeneNews has four current commercialized tests – ColonSentry for colorectal cancer (own license), plus three in-licensed tests for lung, prostate and breast cancers. GeneNews is commercialized in the USA only at this point, but are working on Canada.
GeneNews global licensing and services agreement with Oncore Pharma Inc.
This month (June 10, 2019) GeneNews signed a global licensing and services agreement with Oncore Pharma Inc. and its partners to commercialize ColonSentry®. The deal includes all countries other than the US and Canada under an exclusive license, however, GeneNews and Oncore Pharma will work together in Canada. Initially focusing on European countries, Scandinavian countries and the United Arab Emirates, the 5-year agreement aims to deploy a total of 1,750,000 ColonSentry® tests.
Dr. Nadeem Saddiqui, the Chief Scientific Officer and CEO of Oncore Pharma Inc. stated: “We have been researching various diagnostic technologies, and the science behind GeneNews’ ColonSentry® is extraordinary and ahead of any competitors by far.”
GeneNews will receive a fixed fee of the targeted 1,750,000 ColonSentry® tests, a royalty payment equal to 10% of Oncore’s yearly profits and one million shares of Oncore Pharma. Oncore’s experience in bringing products to market, along with the scientific knowledge, is providing GeneNews with a great industry advantage.
James Howard-Tripp, Chairman and CEO of GeneNews Limited said: “We are delighted to be working with Oncore Pharma and their partners and believe the relationship will help us more speedily reach our short term and long-term objectives.”
GeneNews also partners with national virtual care companies. This enables access to physicians who will facilitate and authorize diagnostic testing and provide guidance with test results. Patients can purchase and initiate testing through an online portal where they can pay one flat fee for the test, the physician order and consultation, and phlebotomy (blood draw) services.
Along with providing access to the provider network, GeneNews has built a national blood draw network that includes a combination of more than 8,000 draw sites and mobile phlebotomists through various partnerships with clinical laboratories.
Headquartered in Richmond Hill Ontario Canada, GeneNews operates a CAP accredited and CLIA certified, clinical reference laboratory based in Richmond, Virginia that offers the ColonSentry® test as well as biomarker tests for lung, breast and prostate cancers.
GeneNews has a market cap of C$ 23.4 million, and its stock price has been on fire so far in 2019, up 177%.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>