The company has struck a deal to market its tests, including ones based on its Aristotle early cancer detection platform, in collaboration with LifeX.
The companies have signed a deal under which each will make its tests available to the other's customer base.
The company had to halt and later restart billing for its cancer risk assessment tests as it transitioned to a new billing process.
The company attributed the revenue decline to ongoing changes in how it bills for its diagnostics.
The company attributed the decline in revenues to changes it is making in the billing process for its diagnostics.
GeneNews said that it has decided to make an initial draw down of $500,000 to help "fuel the company's momentum while minimizing dilution."
The decline reflects a drop off in sales of its ColonSentry colorectal cancer blood test and other diagnostics.
GeneNews has signed a binding agreement with multinational private equity firm Milost Global for up to $10 million in equity and debt financing.
The company signed a US partnership agreement for its portfolio of early cancer detection tests with lab testing services provider Any Lab Test Now.