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.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) has been granted US Patent No. 11,031,098 for 'Computer Systems and Methods for Genomic Analysis,' adding to its portfolio of intellectual property. This patent, a significant milestone, enhances the company’s offerings beyond breast cancer risk assessment, including methods for identifying genetic variations linked to diseases and drug responses. The multitest, which will cover over 70% of known mortality and morbidity, is set for release in Q4 2021, showcasing the company's ongoing commitment to advancing genomic health solutions.
Gene's COVID-19 Risk Test has officially launched for sale in the US through its partnership with Infinity BiologiX (IBX). The test predicts COVID-19 severity using genetic and clinical data, aiming to inform treatment options and vaccination priorities for those aged 18 and over. IBX, with its capability to process 100,000 tests per day, will handle production and distribution. This initiative is positioned as a critical tool for employers, governments, and public health entities, helping to manage the pandemic effectively.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announced that CEO Simon Morriss will appear on The RedChip Money Report® airing on the Bloomberg Network on May 15, 2021. The interview will cover key updates on the company's lead products, including GeneType for Breast Cancer and GeneType for Colorectal Cancer, as well as the Covid19 Risk Assessment test. Morriss will also discuss future milestones and product commercialization plans, which are critical for investor awareness.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announces significant progress in the US commercial launch of its COVID-19 Serious Disease Risk Test in partnership with Infinity BiologiX LLC (IBX). The regulatory submission for the test has been completed, enabling commercial release by the end of May 2021. IBX's telehealth platform will facilitate testing, with a capacity for ~100,000 daily tests. The company aims to expand beyond the US market following necessary regulatory approvals, promising further updates on regional releases.
Genetic Technologies Limited (NASDAQ: GENE) has appointed Michael Tonroe as Chief Financial Officer, effective June 28, 2021. Tonroe brings over 25 years of experience in finance at both private and public companies, including substantial roles in the biotech sector. Chairman Peter Rubinstein expressed confidence that Tonroe's expertise in cross-border financial management will strengthen the company’s leadership team. Tonroe aims to enhance the in-house finance function to support Genetic Technologies' long-term strategy of transitioning to full commercialization in the molecular diagnostics space.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announced progress on the US commercial availability of its COVID-19 Serious Disease Risk Test through Infinity BiologiX (IBX).
The validation and data analysis for the test have been completed, with IBX finalizing a technical interface for submission to the Centers for Medicare and Medicaid Services before commercial launch.
IBX, with three labs in New Jersey and Minnesota, is positioned to process over 100,000 tests daily, aiding in the risk assessment of serious COVID-19 cases using genetic and clinical data.
Genetic Technologies Limited (NASDAQ: GENE) has entered a three-year agreement with Infinity BiologiX LLC for co-exclusive production and distribution of its COVID-19 Serious Disease Risk Test in the U.S. Under the deal, IBX will pay a minimum of $2.9 million, including an upfront fee of $50,000, and is required to make minimum payments of $850,000 in the first year and $1 million in each of the subsequent years. IBX's labs can process over 100,000 tests daily, enhancing GTG's test market reach amidst the ongoing pandemic.
Genetic Technologies Limited (NASDAQ: GENE) announced that Dr. George Muchnicki, Chief Medical Officer, will be featured on The RedChip Money Report on Bloomberg TV, airing on February 27. The interview highlights the company’s cancer predictive tools and global market opportunities in genetic testing. Dr. Muchnicki will discuss the upcoming milestones and the potential for Covid-19 serious disease risk testing. The company aims to enhance proactive health management through its risk assessment products, including Germline panel testing for various diseases.
Molecular diagnostics company Genetic Technologies Limited (NASDAQ:GENE) is making strides in developing a Polygenic Risk Score (PRS) test for COVID-19, aimed at assessing the risk of severe disease from the virus. Key updates include the completion of a prototype, a clinical risk model, and a combined risk model. The company has also filed a provisional patent and is in talks for pilot studies. Further development relies on sourcing validation data from Europe. The test is expected to assist in guiding quarantine measures and vaccination prioritization, with an anticipated US release in Q4 2020.
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.
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