GeneNews partners to sell ColonSentry in China

GeneNews (TSX:GEN) signed a binding term sheet with GeneDiagnostics, a private clinical research and services company in China, for the non-exclusive rights to market ColonSentry, the world’s first blood-based test to determine a person’s current risk for colorectal cancer.

GeneNews expects negotiations will lead to a formal marketing partnership agreement by the end of June.  Under the accord, GeneDiagnostics would obtain non-exclusive rights to market and sell the ColonSentry test in Shanghai and the provinces of Zhejiang and Jiangsu, where a combined population of more than 38 million men and women aged 50 or older reside.

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“We are delighted to be working with GeneDiagnostics, our first ColonSentry marketing partner in China,” GeneNews COO Gailina Liew said in a statement.

“The engagement of additional partners to establish a global ColonSentry marketing and distribution network is a key objective for GeneNews in 2010 and the signing of this binding term sheet with GeneDiagnostics is an important step towards achieving that goal,” she added.