GeneNews announces management changes

- Dr. Ming Xu appointed Director of Product Development -

TORONTO, April 11 /CNW/ - GeneNews Limited (TSX: GEN) today announced the appointment of Dr. Ming Xu as Director, Product Development. In addition, Mr. Colin T. West, CA, currently serving as Chief Financial Officer for an interim period as previously announced, has been appointed to the position permanently as the Company's Vice President, Finance and CFO. The Equicom Group has also been retained to manage and provide investor relations services for the Company.

"GeneNews has reached a critical point in its development. ColonSentry(TM), our novel blood-based test for detecting colorectal cancer, is rapidly approaching commercialization and our Sentry pipeline of additional disease-specific tests is growing and maturing. To support the commercial development of our products, it is critical that we continue to enhance our depth of experience in product development," said K. Wayne Marshall, MD, PhD, President and Chief Executive Officer of GeneNews. "We believe that Dr. Xu's broad experience in developing IVD diagnostics will prove invaluable as we advance our lead product towards regulatory approvals and commercialization. His deep experience in technologies specific to the development of our Sentry product line such as gene expression profiling and real-time RT-PCR detection is also important for us to translate our leading-edge research into robust commercial products."

Dr. Xu has expertise related to the entire life-cycle of molecular diagnostic assay development, from initial discovery research to product launch. He joined the Veridex LLC division of Ortho-Clinical Diagnostics (a Johnson & Johnson company) in 2003 as Principal Scientist where he played a critical role in the development of cancer diagnostics based on real-time RT-PCR technology. Prior to joining Veridex, Dr. Xu held the role of Senior Scientist at Abbott Laboratories from 2000 to 2003. There, he expanded upon his experience in research and development including molecular diagnostic assay development for infectious disease applications such as the HIV1-Realtime Assay. Dr. Xu holds a PhD in Neuroscience from Northwestern University and graduated from the Beijing Medical University in China with a Master of Medicine degree in 1991.

Mr. West, until now a principal with Atticus Interim Management, has been serving GeneNews as CFO on an interim basis since January 2007. Until January 2006, Mr. West was President and CEO of Richtree Market Restaurants Inc. and its predecessor, Richtree Inc. (a TSX-listed company), where he directed the company's successful financial reorganization and re-branding of its operations. Mr. West initially joined Richtree as Vice President and CFO in 1994 and became President and CEO in 2003. He was a member of the board of directors of Richtree and currently is 2nd Vice Chair of the Board of Directors of DMF for Seniors in Don Mills, Ontario. Mr. West also had prior experience as a senior partner in a major accounting firm and is a member of the Institute of Chartered Accountants of Ontario.

The Equicom Group will manage and provide services for the Company's investor relations program. "Equicom's particular expertise and experience within the healthcare industry will greatly assist GeneNews as we move forward," said Dr. Marshall. Equicom is Canada's largest investor relations firm and operates across Canada and in the U.S.

GeneNews also announced today the departure of Mr. Bruno Maruzzo and Dr. Roman Zastawny, effective immediately. "We thank Bruno and Roman for their contributions to the Company and wish them well in their future endeavours," added Dr. Marshall.

About GeneNews

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GeneNews is focussed on the application of functional genomics to enable early diagnosis and personalized therapeutic intervention based on disease-specific biomarkers. The Company has developed a novel approach, the Sentinel Principle(TM), to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle(TM) in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews' first product in development, ColonSentry(TM), is a blood-based test that can detect colon cancer. For more information on GeneNews, visit www.genenews.com.

This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could 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.

SOURCE GeneNews Limited

For further information: For further information: Contacts: Dr. K. Wayne Marshall, President & CEO, (416) 650-0060 x 234, wmarshall@genenews.com; James Smith, (416) 815-0700 x 229, jsmith@equicomgroup.com


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