Genetic Technologies Announces US Sales Have Commenced via Online Health Platform
Genetic Technologies Ltd (NASDAQ: GENE) has announced the launch of its GeneType for Breast Cancer Risk Assessment test in the U.S. through the elicity telehealth platform. Priced at $249, the test uses clinical risk factors and Polygenic Risk Scores to estimate breast cancer risk for women without a family history of the disease. The platform is HIPAA-compliant, ensuring secure access to health data. The test aims to empower women with personalized health insights, especially in light of decreased standard check-up rates during COVID-19.
- Launch of GeneType for Breast Cancer Risk Assessment test in the U.S.
- Accessible via HIPAA-compliant telehealth platform, improving convenience for women.
- Test priced competitively at $249, including telemedicine consultations.
- Targets a broader audience by assessing women without hereditary risk factors.
- Market competition from established breast cancer risk assessment tests.
- Dependence on telehealth platforms may limit initial market penetration.
- Potential challenges in educating consumers about the test's value.
MELBOURNE, Australia, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Ltd (ASX: GTG; NASDAQ: GENE, “Company”) is delighted to announce that initial sales of its GeneType for Breast Cancer Risk Assessment have now commenced in the United States via an online health platform, elicity by InTeleLabs, an independent telehealth and personalised medicine company. This portal is secure, Health Insurance Portability and Accountability Act (HIPAA)-compliant.
The secure, Health Insurance Portability and Accountability Act (HIPAA)-compliant health platform enables women meeting the required criteria in the United States to purchase the test and receive results via telehealth clinicians. Its national network of clinical oversight for lab testing has made this groundbreaking Breast Cancer Risk Assessment Test very accessible, with the data-driven results enabling more women to discuss personalised preventative healthcare protocols with their physicians.
GeneType for Breast Cancer is a disease risk prediction test that provides results that inform individuals if they are at low-, average- or high-risk of developing breast cancer. The test uses a patented combination of clinical risk factors and Polygenic Risk Score (PRS) to provide an estimate of the five-year and remaining lifetime risk of developing breast cancer.
The test will be available in every State throughout the US, as the Company has CLIA certification for the sale and processing for all its lab-derived tests. GeneType for Breast Cancer will sell for US
Most tests currently available on the market are for women who have a family history of breast cancer, however 85 per cent of women have no family history of breast cancer, according to the American Society of Clinical Oncology. Further to this, 10 per cent have a family history but no pathogenic variants, such as BRCA [Cancer.Net, July 2020].
“The Company’s GeneType for Breast Cancer is uniquely positioned to provide risk assessment to the general population—not just for women at hereditary risk. Our goal was always to give individuals unprecedented access to their own genetic data to understand their health risks and take a more proactive approach to prevention,” said Genetic Technologies CEO Dr George Muchnicki. “GeneType for Breast Cancer outperforms current standard risk assessment tools, giving clinicians and patients a better way to identify at-risk women for additional breast cancer screening and prevention options. Making this test available via telehealth clinicians gives individuals interested in risk assessment another avenue for access.”
Once a woman is qualified by an independent telehealth clinician, a buccal swab kit (cheek swab) is sent directly to her home. After her results are in, telehealth clinicians provide post-test consultations to deliver the breast cancer risk assessment results and provide additional support for those who require referrals for appropriate downstream care. Women interested in purchasing GeneType for Breast Cancer may do so through gtglabs.com/breast-cancer or elicity.health/our-tests/details/breast-cancer-risk.
“COVID-19 has deterred many women from seeking out standard check-ups, with mammography screening down since March,” said Dr Muchnicki. “While we suggest all women maintain their routine mammogram appointments, women who are still not comfortable scheduling their appointment, or clinics with an extremely long waitlist as they ramp back up, risk assessment can be a valuable tool to identify women who are at increased risk of breast cancer. GeneType for Breast Cancer should never be used as a mammogram-replacement, only as an additional tool to help individuals build a more comprehensive understanding of their own risk of developing the disease.”
In addition to GeneType for Breast Cancer, GeneType for Colorectal Cancer will also be available through the third-party online platform as well as a pipeline of tests to follow.
Genetic Technologies plans on launching its own online, telehealth-supported system to deliver its GeneType products to Australians.
The Company intends to make its COVID-19 Severity Risk Test available through both online platforms, once complete.
For further information, please visit: https://genetype.com/for-patients/breast-cancer-questionnaire/.
Dr George Muchnicki Acting CEO and Justyn Stedwell Company Secretary
On behalf of the Board of Directors
Genetic Technologies Limited
+61 3 9412 7000
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.
Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products.
For more information, please visit www.gtglabs.com.
Forward-Looking Statements
This press release 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. Because 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 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.
Investor Relations and Media (US)
Dave Gentry, CEO
RedChip Companies
Office: 1 800 RED CHIP (733 2447)
Cell: US 407 491 4498
dave@redchip.com
FAQ
What is the GeneType for Breast Cancer Risk Assessment test by Genetic Technologies?
When did Genetic Technologies launch the GeneType for Breast Cancer test?
How much does the GeneType for Breast Cancer test cost?
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Why is the GeneType test significant for women without a family history of breast cancer?
