EasyDNA expands Indian and European markets; launching NIPT, Carrier testing and DNA storage

Rhea-AI Summary

Genetic Technologies Limited (NASDAQ: GENE) has announced significant advancements through its acquisition of EasyDNA. The company is expanding its test offerings, now including Carrier Testing and Non-Invasive Prenatal Tests (NIPT) in Europe, targeting the second largest healthcare market. In India, EasyDNA has partnered with stud farms for equine paternity testing. Additionally, a new DNA storage facility has been launched, complying with NATA and CLIA standards. CEO Simon Morriss highlighted these initiatives as critical for ensuring continuous revenue growth.

Positive

• Expansion of Carrier Testing and Non-Invasive Prenatal Tests (NIPT) into the European market.
• Partnership in India for equine paternity testing opens a new revenue channel.
• Launch of a NATA and CLIA certified DNA storage facility enhances service offerings.

Negative

• None.

MELBOURNE, Australia, July 05, 2022 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based tests in health, wellness and serious disease is delighted to announce the Company’s recently acquired, EasyDNA, has embarked on a significant expansion in both its test portfolio and geographical reach.

Highlights:

• Carrier Testing and Non-Invasive Prenatal Tests (NIPT) available to our European market
• India team has partnered with stud farms to identify equine chain of custody
• Launched DNA storage facility in NATA¹ and CLIA² certified laboratory
  

EasyDNA has expanded the availability on its websites of Carrier Testing and Non-Invasive Prenatal Tests (NIPT) into Europe, the second biggest healthcare market in the world. Demand in this region for more informed choices regarding fertility and pregnancy is providing a strong foundation for the Company’s portfolio which includes pre-conception and prenatal testing.

EasyDNA India has partnered with a number of stud farms providing reliable, independent and comprehensive chain of custody for equine paternity testing which includes storage of profile data. EasyDNA has received initial samples and commenced testing, with results to be featured in Indian Stud Book³. Horse racing and associated stud farming is a significant business in the world’s second largest population enabling EasyDNA to leverage the Company’s existing paternity infrastructure.

EasyDNA has recently launched the capability to store DNA in the Company’s NATA approved facility. According to Forensic Science Review, Nucleic acid sample storage is of paramount importance in forensic science as well as in epidemiological, clinical, and genetic laboratories. EasyDNA is offering a “best in class” solution to store DNA samples for up to 15 years, including with complete chain of custody, enabling future legal testing.

GENE’s CEO, Simon Morriss said “These incremental growth initiatives being undertaken by the EasyDNA team are exciting and expand the Company’s direct-to-consumer offering to new markets and channels ensuring GENE’s continuous revenue growth.”

¹ National Association of Testing Authorities, Australia (NATA)
² Clinical Laboratory Improvement Amendments (CLIA) - Regulates laboratory testing and require clinical laboratories to be certified by the Center for Medicare and Medicaid Services (CMS)
³ Indian Stud Book http://indianstudbook.com/publications.php

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. GENE offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company’s Polygenic Risk Scores (PRS) platform is a proprietary risk stratification platform developed over the past decade integrating clinical and genetic risk delivering actionable outcomes from physicians and individuals. Leading the world in risk prediction in Oncology, Cardiovascular and Metabolic diseases. Genetic Technologies continues to develop a pipeline of risk assessment products. For more information, please visit www.genetype.com

FAQ

What tests has Genetic Technologies launched in Europe?

Genetic Technologies has launched Carrier Testing and Non-Invasive Prenatal Tests (NIPT) in the European market.

What partnerships is EasyDNA forming in India?

EasyDNA has partnered with stud farms in India for equine chain of custody and paternity testing.

What new facility has Genetic Technologies opened?

Genetic Technologies has opened a DNA storage facility that is NATA and CLIA certified.

How does this expansion affect GENE's revenue?

The expansion initiatives are expected to contribute to continuous revenue growth for Genetic Technologies.