Welcome to our dedicated page for Genetic Technologies Ltd. news (Ticker: GENE), a resource for investors and traders seeking the latest updates and insights on Genetic Technologies Ltd. stock.
Genetic Technologies Ltd. (ASX: GTG, NASDAQ: GENE) is a pioneering molecular diagnostics company based in Australia, specializing in genetic testing and reproductive services. The company leverages an extensive array of international patents and allied research activities to explore the profound impact of DNA on health. Its operations span across the Asia Pacific region, offering specialized genetic tests that convert advanced health knowledge into practical applications for humans, animals, and plants.
One of the company's flagship products is BREVAGenplus, a clinically validated risk assessment test that helps in predicting the likelihood of non-hereditary breast cancer. This test has been a game changer in women's health, providing crucial insights that aid physicians in proactive health management. BREVAGenplus is primarily marketed to healthcare professionals, including breast healthcare and imaging centers, obstetricians/gynecologists (OBGYNs), and breast cancer risk assessment specialists.
Genetic Technologies Ltd. offers a broad spectrum of genetic testing services, encompassing medical, animal, forensic, and plant testing. The company's revenue is chiefly derived from markets in Australia and the United States. The organization operates through two primary segments: EasyDNA and GeneType/Corporate.
Recent developments underline the company’s ongoing commitment to innovation and expansion. For example, the company has recently reported the clinical adoption of its groundbreaking geneType Risk Assessment Tests across 12 states in the United States and at a national level in Australia. These tests are designed to provide a comprehensive risk assessment for various diseases, thereby enabling personalized healthcare.
Dr. Carolyn Young, a board-certified Obstetrician and Gynecologist based in Rockville, Maryland, has emphasized the significance of such tests. According to her, misconceptions about breast cancer risks—such as the belief that absence of family history equates to low risk—can be clarified through the use of geneType tests, which identify both hereditary and non-hereditary risks.
The company continues to make strides, as highlighted in their recent announcements. Genetic Technologies Ltd. aims to expand its market reach by launching new comprehensive tests and entering new global markets. These initiatives are part of the company’s strategic efforts to cement its position as a global leader in genomics-based tests in health, wellness, and serious disease.
For further information or inquiries, you can reach out to Simon Morriss, Chief Executive Officer, at investors@genetype.com.
RedChip Companies will air interviews with BioVie, Inc. (Nasdaq:BIVI) and Genetic Technologies on Bloomberg TV this Saturday, October 12, at 7 p.m. ET. The interviews will feature:
1. Cuong Do, President and CEO of BioVie, discussing the company's late-stage clinical programs for neurodegeneration and liver disease. Key points include:
- Bezisterim's ability to modulate TNFα production, leading to clinical improvements
- Planned Phase 2b trial for Parkinson's in late 2024
- Upcoming Phase 3 trial for Alzheimer's in late 2025
- Ongoing partnering discussions for bezisterim's geographic rights
- Plans for an ascites Phase 3 trial
2. Peter Rubinstein, Executive Chairman of Genetic Technologies, providing a corporate update on:
- EasyDNA platform with $7 million in annual recurring revenues
- Expanding product portfolio with over 50 risk assessment tests
- B2B commercialization strategy for geneType multi-risk test
- Focus on direct-to-consumer testing programs
- Recent corporate restructure to reduce cash burn
Genetic Technologies (ASX:GTG; NASDAQ:GENE) invites investors to an exclusive live webinar on October 2, 2024, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature GTG's senior leadership discussing the company's genomics-based test portfolio and recent move to a capital light model.
Key highlights include:
- EasyDNA platform with over $7m in annual recurring revenues
- Expanding product portfolio with 50+ risk assessment tests in 14 categories
- 25 patents granted and 9 pending
- B2B commercialization strategy for geneType multi-risk test
- Expanding direct-to-consumer testing programs
The global predictive genomics market is projected to reach $4.6 billion by 2025, with a 17%+ CAGR. A recent restructure has reduced cash burn, allowing focus on sales and commercialization. The webinar will include a Q&A session.
Genetic Technologies (NASDAQ: GENE) has partnered with CancerIQ, gaining access to 45 healthcare systems and 250 clinics. This collaboration integrates GENE's geneType Risk Assessment Tests into CancerIQ's platform, expanding into primary preventive care. GeneType will be CancerIQ's first lab partner focused on polygenic-integrated clinical risk prediction for nine major diseases.
The partnership aims to increase visibility within US healthcare systems, potentially reaching over 1 million patients screened using CancerIQ. GENE's new commercial strategy involves contract-only, commission-based sales teams to achieve greater reach with low overhead. The company will pay an annual fee of US$75,000 for CancerIQ's Premium Tier access, which includes simplified test ordering and form pre-population.
Genetic Technologies (NASDAQ: GENE) has announced the global launch of its geneType™ Risk Assessment portfolio on the wholly owned EasyDNA platform, operating in 42 countries. This expansion is expected to significantly boost the company's annual revenues of A$7.5m, with a potential gross margin exceeding 70%. The move, combined with structural changes, aims to reduce monthly cash burn from A$800k to under A$200k, driving GENE towards profitability.
The company has developed a streamlined online process for clinicians and consumers, partnering with Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene, and Fabric Genomics. This telehealth-enabled access to clinical testing aligns with GENE's mission to transform personalized healthcare. The geneType™ consumer-initiated pipeline on EasyDNA is expected to increase product visibility while maintaining clinical oversight.
Genetic Technologies (NASDAQ:GENE) is hosting an exclusive live investor webinar and Q&A session on August 15, 2024, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature senior executives discussing the company's genomics-based test portfolio for health, wellness, and serious diseases. Key highlights include:
- EasyDNA platform with over $7 million in annual recurring revenues
- Expanding product portfolio with 50+ risk assessment tests in 14 categories
- 25 granted patents and 9 pending
- B2B commercialization strategy for geneType multi-risk test
- Expanding direct-to-consumer testing programs
- Global predictive genomics market expected to reach $4.6 billion by 2025 (17%+ CAGR)
- Recent corporate restructure to reduce cash burn and focus on sales
Genetic Technologies (ASX: GTG; NASDAQ: GENE) has announced a strategic restructure to transition to a capital light operations model, focusing on sales growth in the United States. This move is expected to result in an immediate material reduction in operating costs. The company will maintain its core business of EasyDNA and GeneType, with EasyDNA currently generating over $7 million in global sales.
Key points:
- Transition to outsourced/collaborations approach
- $800,000 secured loan for working capital
- Monthly cash burn reduction from $800,000 to below $200,000
- Targeting cash flow positive by end of CY 2025
- Board members to assume executive roles
- Current CEO Simon Morriss to transition out in September
Genetic Technologies (NASDAQ: GENE) has appointed Mark Ziirsen as Chief Financial Officer and Company Secretary. Ziirsen brings over 25 years of experience in senior finance leadership roles across various industries, including life sciences, technology, and consumer segments. His background includes positions with major ASX-listed companies such as Cochlear , Aristocrat Leisure , and Coca-Cola Amatil .
CEO Simon Morriss expressed confidence that Ziirsen's extensive experience will add significant value to the team. This appointment aligns with Genetic Technologies' position as a global leader in genomics-based tests for health, wellness, and serious disease. The move is expected to support the company's growth and transformation efforts in the rapidly evolving field of genomics.
Genetic Technologies (NASDAQ: GENE) announced the expansion of its genomic testing brand, geneType, into Canada and New Zealand. This follows a successful U.S. launch in partnership with Stayhealthy, Inc. The company reported a 500% increase in week-over-week sales due to a pilot influencer campaign with CEGtalent.com. CEO Simon Morriss anticipates further accelerated growth with this international expansion. GeneType offers a comprehensive suite of genetic risk assessment tests for various diseases including cancer, cardiovascular conditions, and Type 2 diabetes, providing actionable health recommendations. The tests are non-invasive, saliva-based, and clinically validated.
Genetic Technologies (NASDAQ: GENE) has announced the success of its geneType Risk Assessment Test, which has identified 79.5% of individuals tested in the US and Australia as being at elevated risk for serious diseases. These tests cover a range of conditions, including various cancers, cardiovascular diseases, and Type 2 diabetes, using a non-invasive saliva sample. The company highlights the test's potential to allow for early detection and intervention, thereby improving health outcomes and personalizing patient care. This development underscores geneType's role in revolutionizing preventive healthcare.
Genetic Technologies (ASX: GTG, NASDAQ: GENE) will host an exclusive investor webinar on June 27, 2024, at 4:15 p.m. ET, featuring CEO Simon Morriss. The event, organized by RedChip Companies, aims to provide insights into the company's genomics-based tests portfolio, including the geneType multi-risk test. Key strategies to be discussed include scaling existing sales channels, aggressive digital marketing, expanding global territories via strategic licensing, and forming partnerships with health systems such as Wellworks and Stay Healthy. As the predictive genomics market is projected to reach $4.6 billion by 2025 with a CAGR of over 17%, Genetic Technologies is keen on scaling its direct-to-consumer testing programs.
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