Appendix 4C & Quarterly Business Update – March 2024
Genetic Technologies (GENE) released its Appendix 4C & Quarterly Business Update for Q3 FY24, showcasing key highlights such as cash receipts totaling A$1.8m, a significant increase in geneType adoption, launch of a Comprehensive Risk Assessment Test, and successful fund raising initiatives. The Company also reported on a successful DTC digital media sales campaign in the US and the establishment of a GeneType pilot study in US Breast Screen Imaging Centres.
Significant increase in commercial sales and geneType tests adoption, demonstrating a pathway to profitability.
Successful digital marketing campaigns driving consumer engagement and boosting sales.
Establishment of a pilot study for the geneType Breast Cancer Risk Assessment Test in US Imaging Centres.
Development of the geneType Comprehensive Risk Assessment Test, expanding disease risk identification capabilities.
Successful fund raising initiatives, including shareholder approval to raise up to $15 million and a subsequent US$2 million registered direct offering.
Cash outflow for operating activities was A$2.6 million, indicating high expenses.
A$98k payments to related parties during the quarter may raise concerns about transparency and governance.
Launching our most comprehensive test and expanding into new global markets
MELBOURNE, Australia, April 30, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE, ”Company”, “GTG”), a global leader in guideline-driven genomics-based testing in health, wellness and serious diseases, releases its Appendix 4C and Quarterly business update for the quarter ending 30 March 2024 (Q3 FY24).
Key highlights:
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Commenting on the Company’s quarterly performance, Chief Executive Officer Simon Morriss said:
“The team is making remarkable progress, especially in unlocking areas such as the pathway to profitability, largely driven by the growing acceptance of geneType in Australia and the USA.
Additionally, our new digital marketing efforts are delivering unprecedented levels of consumer engagement, and we are poised to significantly boost sales in the near future.
The continuous rise in geneType adoption, coupled with enhanced brand engagement, is not only steering the company towards our profitability goals, but also positively impacting lives by identifying individuals at risk of diseases earlier, improving health outcomes for millions worldwide.”
Operational Highlights
Significant Increase in Volume of Commercial Sales and Volume of GeneType Tests
GTG is seeing the growing adoption of geneType with Health Care Practitioners (HCPs) in more than 12 U.S. states, Canada and nationally in Australia. Commercial tests received for the 6 months ending March 31, 2024 increased by more than
U.S Customer Digital Media Sales Campaign
In February the Company announced the launch of a wide-reaching Direct to Consumer (DTC) digital advertising campaign in the United States. This comprehensive program will drive Consumer Initiated Testing (CIT) for the company’s geneType Risk Assessments Tests. The campaign commenced at end of March 2024 and will scale up throughout the remainder of the year. The U.S. DTC wellness testing market is projected to reach
Established GeneType Pilot Study in US Breast Screen Imaging Centres
GTG is establishing a clinical implementation study with leading breast imaging centres in New York, Miami and Houston. The initiative will pilot the integration of the geneType into breast imaging centres, assisting in the streamlining of care and moving the geneType Breast Cancer Risk Assessment Test into routine use in these centres.
Launch of Comprehensive Risk Assessment Test
In March the Company announced the development of the company’s most advanced risk assessment test for serious diseases, building on the success of the Comprehensive Hereditary Breast and Ovarian Cancer (HBOC) test. This innovation will be a world first, including over 200 high penetrant genes to unlock the hereditary disease risk added to its current multi-test associated with the most common cancers, cardiovascular disease and type 2 diabetes. The new test enables doctors to identify nearly
Capital Management
At an extraordinary general meeting of the Company held on 20 March 2024, shareholders provided approval for the Company to raise up to
On 26 March 2024, the Company announced it had secured a
Subsequent to the end of the quarter, on 23 April 2024 the Company announced the closing of a US
Financial and Cashflow Overview
At the end of March 2024, the Company had A
During the quarter, the Company made A
Authorised for release by the Board of Genetic Technologies Limited
Enquiries
Simon Morriss
Chief Executive Officer
E: investors@genetype.com
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.geneType.com
Forward Looking Statements
This announcement may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. As forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings with the ASX in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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FAQ
What were the cash receipts for the quarter ending March 2024?
What new test did the Company announce in March 2024?
Where did the Company launch a targeted digital strategy for geneType CIT Sales?
What was the outcome of the Extraordinary General Meeting held on 20 March 2024?
What was the total amount raised in the US$2 million registered direct offering after the quarter ended?
What percentage increase in commercial samples was reported compared to the prior corresponding 6 month period?