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.
The company will pay nearly $2.1 million to the liquidating trust for the now-bankrupt HDL in order to resolve outstanding debt from a former joint lab venture.
The Toronto company raised C$721,000 of its previously announced offering that targeted up to C$3 million.
GeneNews' early patient risk stratification tests for colorectal, lung, and prostate cancers will be offered to patients at NueHealth's provider-owned care centers.