Genetic Technologies Invited to Join Prestigious “CancerIQ” Online Platform - Provides Access to 45 Healthcare Systems and 250 Clinics
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$75,000 for CancerIQ's Premium Tier access, which includes simplified test ordering and form pre-population.
Genetic Technologies (NASDAQ: GENE) ha stabilito una partnership con CancerIQ, guadagnando accesso a 45 sistemi sanitari e 250 cliniche. Questa collaborazione integra i test di valutazione del rischio geneType di GENE nella piattaforma di CancerIQ, espandendosi nella cura preventiva primaria. GeneType sarà il primo partner di laboratorio di CancerIQ focalizzato sulla predizione del rischio clinico integrato poligenico per nove malattie principali.
La partnership mira ad aumentare la visibilità all'interno dei sistemi sanitari degli Stati Uniti, potenzialmente raggiungendo oltre 1 milione di pazienti sottoposti a screening tramite CancerIQ. La nuova strategia commerciale di GENE comporta squadre di vendita basate esclusivamente su commissioni contrattuali per ottenere una maggiore penetrazione con costi ridotti. L'azienda pagherà una quota annuale di 75.000 US$ per l'accesso al livello Premium di CancerIQ, che include un'ordinazione semplificata dei test e la precompilazione dei moduli.
Genetic Technologies (NASDAQ: GENE) ha establecido una asociación con CancerIQ, obteniendo acceso a 45 sistemas de salud y 250 clínicas. Esta colaboración integra las Pruebas de Evaluación de Riesgo geneType de GENE en la plataforma de CancerIQ, ampliando el cuidado preventivo primario. GeneType será el primer socio de laboratorio de CancerIQ enfocado en la predicción de riesgo clínico integrado poligénico para nueve enfermedades principales.
La asociación tiene como objetivo aumentar la visibilidad dentro de los sistemas de salud de EE.UU., alcanzando potencialmente a más de 1 millón de pacientes examinados a través de CancerIQ. La nueva estrategia comercial de GENE implica equipos de ventas únicamente por contrato, basados en comisiones para lograr un mayor alcance con bajos costos fijos. La empresa pagará una tarifa anual de 75,000 US$ por el acceso al nivel Premium de CancerIQ, que incluye la simplificación de pedidos de pruebas y la pre-población de formularios.
Genetic Technologies (NASDAQ: GENE)는 CancerIQ와 파트너십을 체결하여 45개의 의료 시스템과 250개의 클리닉에 접근하게 되었습니다. 이 협업은 GENE의 geneType 위험 평가 테스트를 CancerIQ 플랫폼에 통합하여 1차 예방 치료로의 확장을 이루고 있습니다. GeneType은 CancerIQ의 첫 번째 실험실 파트너로, 다유전자 통합 임상 위험 예측에 초점을 맞추고 있습니다.
이 파트너십은 미국 의료 시스템 내에서 가시성을 높이는 것을 목표로 하며, CancerIQ를 통해 100만 명 이상의 환자가 선별 검사를 받을 수 있는 잠재력을 가지고 있습니다. GENE의 새로운 상업 전략은 비용을 최소화하며 더 넓은 도달 범위를 달성하기 위해 계약 기반의 커미션 판매 팀을 포함합니다. 회사는 CancerIQ의 프리미엄 서비스에 접근하기 위해 연간 75,000 US$의 수수료를 지급할 예정이며, 이는 시험 주문의 간소화 및 양식의 사전 입력을 포함합니다.
Genetic Technologies (NASDAQ: GENE) a établi un partenariat avec CancerIQ, obtenant ainsi l'accès à 45 systèmes de santé et 250 cliniques. Cette collaboration intègre les tests d'évaluation du risque geneType de GENE dans la plateforme de CancerIQ, s'étendant ainsi aux soins préventifs primaires. GeneType sera le premier partenaire de laboratoire de CancerIQ axé sur la prédiction du risque clinique intégré polygénique pour neuf maladies majeures.
Ce partenariat vise à accroître la visibilité au sein des systèmes de santé américains, atteignant potentiellement plus d'un million de patients dépistés grâce à CancerIQ. La nouvelle stratégie commerciale de GENE implique des équipes de vente uniquement sur contrat, basées sur des commissions, afin d'atteindre une plus grande portée avec des frais généraux faibles. L'entreprise paiera un frais annuel de 75 000 US$ pour l'accès Premium de CancerIQ, qui propose une simplification des commandes de tests et la pré-remplissage des formulaires.
Genetic Technologies (NASDAQ: GENE) hat eine Partnerschaft mit CancerIQ geschlossen und erhält dadurch Zugang zu 45 Gesundheitssystemen und 250 Kliniken. Diese Zusammenarbeit integriert GENE's GeneType Risikobewertungstests in die Plattform von CancerIQ und erweitert sich in die primäre Präventivversorgung. GeneType wird der erste Laborkooperationspartner von CancerIQ sein, der sich auf polygene-integrierte klinische Risikovorhersage für neun bedeutende Krankheiten konzentriert.
Das Ziel der Partnerschaft ist es, die Sichtbarkeit innerhalb der US-Gesundheitssysteme zu erhöhen und potenziell über 1 Million Patienten zu erreichen, die mit CancerIQ gescreent werden. GENE’s neue kommerzielle Strategie beinhaltet vertraglich gebundene, provisionsbasierte Verkaufsteams, um eine größere Reichweite bei niedrigen Gemeinkosten zu erzielen. Das Unternehmen wird eine jährliche Gebühr von 75.000 US$ für den Premium-Zugang von CancerIQ zahlen, der eine vereinfachte Testbestellung und die Vorbefüllung von Formularen umfasst.
- Access to 45 healthcare systems and 250 clinics through CancerIQ partnership
- Integration of geneType Risk Assessment Tests into CancerIQ's platform
- Expansion into primary preventive care market
- Potential reach of over 1 million patients already screened using CancerIQ
- New commission-based sales strategy for greater reach with low overhead
- Annual fee of US$75,000 required for CancerIQ's Premium Tier access
- Implementation dependent on completing current capital raise
- Previous slow volume increases due to commercial personnel and long sales cycles
Insights
The partnership between Genetic Technologies and CancerIQ marks a significant step towards enhancing cancer prevention efforts. By integrating geneType Risk Assessment Tests into CancerIQ's platform, healthcare providers gain access to polygenic-integrated clinical risk prediction for nine major diseases. This collaboration has the potential to revolutionize population healthcare by enabling more comprehensive risk assessments.
The partnership provides Genetic Technologies access to over 45 health systems and 250 clinics, significantly expanding their market reach. With
This partnership represents a strategic shift in Genetic Technologies' commercial approach. Moving from direct sales to leveraging CancerIQ's established network could potentially accelerate market penetration. The company's focus on commission-based sales teams suggests a more cost-effective expansion strategy, which could improve profitability if successful.
However, investors should note that while CancerIQ has screened over 1 million patients, the conversion rate to geneType tests and subsequent revenue generation is yet to be determined. The success of this venture will depend on how well Genetic Technologies can differentiate its offerings and demonstrate value to healthcare providers within the CancerIQ ecosystem.
While the partnership with CancerIQ opens up new opportunities for Genetic Technologies, the financial implications are not immediately clear. The
Investors should closely monitor future financial reports to assess the impact of this partnership on revenue growth and profitability. The shift to a commission-based sales model could potentially reduce fixed costs, but its effectiveness in driving sales remains to be seen. Without concrete financial projections or historical performance data, it's difficult to quantify the potential return on this investment.
MELBOURNE, Australia, Sept. 11, 2024 (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 pleased to announce the Company has negotiated a partnership agreement with Chicago-based CancerIQ.
CancerIQ enables Healthcare Institutions and Clinics to support cancer prevention programs by supporting and simplifying the identification of high-risk patients. Over the past few years, CancerIQ has shown, in real-world breast imaging settings, that genetic testing uptake is increased when their platform is integrated into the operational pipeline within the imaging center. Similarly, clinics using CancerIQ have also showed an increase in identification of atrisk adults allowing the clinics to prioritize patients for preventive cancer screenings. Until now, the CancerIQ offerings have been limited to traditional risk assessment models and standard germline testing panels for the assessment of hereditary risk. The inclusion of the geneType Risk Assessment Test portfolio supports CancerIQ’s expansion into primary preventive care where the missions of both companies overlap. GENE and CancerIQ are both dedicated to enabling healthcare providers to assess patients’ comprehensive risk in order to personalize cancer prevention efforts.
GeneType will be CancerIQ’s first lab partner solely focused on polygenic-integrated clinical risk prediction. GeneType’s focus has always been population healthcare, but until recently healthcare systems have been largely concentrating on hereditary cancer risk. With the integration of geneType into the CancerIQ platform, healthcare systems have the opportunity to engage in polygenic-integrated clinical risk assessment for the general population across nine major diseases spanning cancer and cardiometabolic disease.
Commercial sales strategies in the US over the past two years have been limited to large entity conversations and small boutique-cash-pay clinics; the limited commercial personnel and long sales cycles have resulted in slow volume increases over time. New commercial strategy utilizing contract-only, commission-based sales teams will allow low overhead with greater reach.
GeneType will benefit from the increased visibility within the US healthcare systems that currently utilize CancerIQ. This includes more than 45 health systems and over 250 clinics, more than half of which are focused on primary care and breast centers where GeneType is aptly positioned for success. Over 1 million patients in the US have already been screened using the CancerIQ platform.
CancerIQ have demonstrated an extraordinary level of adoption through a range of clinical settings. According to their in-house data (link: https://www.canceriq.com/resources), CancerIQ have been able to demonstrate a significant increase in appropriate testing for at-risk patients.
GENE’s Chairman, Peter Rubinstein, noted, “We are very excited to have been invited to become part of the CancerIQ platform to be implemented upon completing our current capital raise. This approach will make the geneType Risk Assessment Tests more easily accessible to the clinical community. We look forward to the co-marketing opportunities with CancerIQ to increase the awareness of population risk-assessment. We are confident in the value of this population healthcare approach, ultimately providing the opportunity to improve the health outcomes for people generally.” GENE will be required to pay an annual fee of US
Authorised for release by the Board of Directors.
Enquiries Peter Rubinstein
Chairman
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 forwardlooking 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.
FAQ
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