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 that it has executed a binding term sheet with GeneDiagnostics Inc. ("GD"), 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.
The term sheet sets forth the main criteria to be incorporated into a definitive marketing partnership agreement under which GD 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. GeneNews expects that the negotiation and execution of a formal marketing partnership agreement will be completed before the end of the Company's current fiscal quarter.
"We are delighted to be working with GeneDiagnostics, our first ColonSentry™ marketing partner in China. 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," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.