GeneNews Limited, a company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, 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.

GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers.