TORONTO, June 2 /CNW/ - GeneNews Limited (TSX: GEN), a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today announced management changes to support the commercialization of the Company's first product, ColonSentry(TM).
Effective May 31, 2008, Dr. K. Wayne Marshall has resigned as President and CEO to take on new duties as Chief Clinical Scientist for GeneNews. Dr. Marshall has also been appointed Vice Chair of the GeneNews Board of Directors. The Board has appointed a committee of three independent directors to manage the search for a new President and CEO. In the interim, Dr. Heiner Dreismann, an independent director of GeneNews and former President and CEO of Roche Molecular Diagnostics, will oversee the Company's business as Lead Director. Ms. Gailina Liew, formerly Senior Vice President, has also been appointed as acting Chief Operating Officer with responsibility for the operations of the Company.
"As GeneNews transitions into a commercial enterprise and prepares for the launch of ColonSentry, Wayne, the Board and I were in accordance that the timing was appropriate to transition leadership of the Company to a President and CEO with experience in the global commercialization of molecular diagnostics," said Mr. Rory Riggs, Chair of the Board of Directors. "In the interim, Dr. Dreismann's extensive experience and leadership at Roche Molecular Diagnostics will ensure that GeneNews is well prepared to enter the commercialization phase."
"We have worked hard to ensure that ColonSentry is the world's first blood-based test for colorectal cancer screening. I'm excited about the upcoming commercial launch of ColonSentry and committed to contributing to the future success of GeneNews in my new role as Chief Clinical Scientist and Vice Chair of the Board," added Dr. Marshall.
"I welcome the opportunity to play a leading role during this transition from development to commercialization," said Dr. Dreismann. "GeneNews has developed important technology that is expected to positively impact the molecular diagnostic field."
GeneNews is focused 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. 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
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