GeneNews completes US$2 million non-brokered private placement

On August 10, 2009, GeneNews Limited (TSX: GEN) completed the final tranche of a non-brokered private placement offering of common shares. The private placement was fully subscribed resulting in the issuance of an aggregate of 8,000,000 common shares from treasury at a price of $0.25 per share, for total gross proceeds in the amount of $2,000,000. GeneNews is a molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized therapeutic intervention based on disease-specific biomarkers. GeneNews was advised in this transaction by a team from Fasken Martineau that included Geoff Clarke, Brad Freelan and Charles Todd (corporate/securities).