TORONTO, June 16, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) announced today that the Management Cease Trade Order (“MCTO”) imposed by the Ontario Securities Commission (“OSC”) has been lifted. With this resolution of the MCTO, members of management are no longer precluded from trading the Company’s common shares.
On March 29, 2016, GeneNews announced that it had been granted an MCTO by the OSC. The application for the MCTO was made in respect to the expected late filing of its annual financial statements, management’s discussion and analysis, annual information form and the related officer certifications for the financial year ended December 31, 2015 (collectively, the “Annual Filings”) beyond the filing deadline of March 30, 2016.
In accordance with the MCTO, GeneNews filed its Annual Filings on www.sedar.com on May 27, 2016. On June 15, 2016, the Company also filed its Q1-2016 results, related management's discussion and analysis and officer certifications. GeneNews is now current on its disclosure.
TSX Trading Status
As announced in a press release dated May 19, 2016, the TSX has further extended its Remedial Review Process for a period of 30 days to allow the Company additional time to demonstrate compliance with the continued listing requirements of the TSX (the “Listing Requirements”). The TSX currently intends to make a decision regarding the Corporation's eligibility for continued listing on the TSX by June 17, 2016.
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.
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.
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.
Company Contact: James R. Howard-Tripp Executive Chairman Office: (905) 209-2030 email@example.com Investor & Media Contact: Stephen Kilmer Kilmer Lucas Inc. Office: (647) 872-4849 firstname.lastname@example.org
Source: GeneNews Limited