Genetic Technologies Ltd. - GENE STOCK NEWS

Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE) has successfully closed a registered direct offering, selling 3,846,155 American Depositary Shares (ADSs) at $1.30 per ADS, generating approximately $5 million in gross proceeds. The funds will support the commercialization of the GeneType Multi Risk test, expand into Europe, and enhance product development and marketing efforts. H.C. Wainwright & Co. served as the exclusive placement agent for this transaction. The offering was conducted under a shelf registration statement previously filed with the U.S. SEC.

Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announces a novel risk assessment test for breast and ovarian cancers, combining genetic and clinical risk factors into a single saliva test. This unique offering addresses an unmet need, as current high-penetrant gene tests yield negative results for a majority of women. The test aims to identify at-risk individuals in the general population, enhancing early detection strategies. Commercialization efforts include consumer testing and partnerships with insurers and healthcare providers. This comprehensive test has been clinically validated and aims to improve health outcomes while leveraging the company's existing laboratory in Melbourne.

Genetic Technologies Limited (NASDAQ:GENE) has entered into definitive agreements for a registered direct offering of 3,846,155 American Depositary Shares (ADSs) at $1.30 each, anticipating gross proceeds of approximately $5 million. The offering is set to close around February 7, 2023, pending customary closing conditions. The company plans to use the net proceeds to enhance the commercialization of its GeneType Multi Risk test, expand into Europe, fund R&D, increase market presence in consumer testing, and launch its Comprehensive Hereditary Breast and Ovarian Cancer Risk Test. H.C. Wainwright & Co. serves as the exclusive placement agent for this offering.

Genetic Technologies Limited (NASDAQ: GENE) announced a groundbreaking Comprehensive Risk Assessment Test for Breast and Ovarian Cancer, utilizing its patented GeneType platform. This saliva test identifies women's risks based on hereditary genetic mutations and common familial factors, enhancing traditional screening methods. With over 2.26 million cases of breast cancer and 313,000 ovarian cancer cases globally each year, the new test targets women over 30, aiming for improved risk classification. The test is set for clinical validation and regulatory approval, with a launch planned in the U.S. through B2B and Consumer Initiated Testing channels.

Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE) has announced a strategic alliance with QIAGEN to establish a ‘Centre of Excellence’ in Australia. This partnership aims to enhance GTG's capabilities in precision medicine and genomics, initially servicing Australia and New Zealand. The alliance is expected to unlock the Australian reimbursable market for the geneType hereditary cancer tests, including Breast, Ovarian, and Colorectal cancer tests, set to be the most comprehensive offering later in 2023. QIAGEN will provide essential software and hardware support, bolstering automation and long-term revenue growth for GTG.

Genetic Technologies Limited (NASDAQ: GENE) reported substantial growth in its quarterly business update for Q2 FY23, with receipts from customers at A$2.4 million, marking a 15% increase from the prior quarter and a 32% increase year-over-year. The revenue for the quarter reached A$2.2 million, supported by new distribution channels in the U.S. The company has six consecutive quarters of revenue growth from its EasyDNA and AffinityDNA brands. Additionally, a R&D Tax Incentive of A$1.96 million is anticipated in Q3 2023. Looking forward, GTG aims to secure further revenue growth and brand presence, including a focus on GeneType, and plans to launch an updated EasyDNA eCommerce platform in February 2023.

Genetic Technologies Limited (NASDAQ: GENE) presented a poster at the American Society of Clinical Oncology Gastroenterology Cancer Symposium, showcasing significant advancements in colorectal cancer risk prediction. The study expanded the SNP count from 45 to 144, enhancing prediction accuracy by 27% for top-risk patients. This improvement holds promise for better screening, especially for individuals unaware of their elevated risk due to a lack of family history. The company’s commitment to enhancing its geneType Risk Assessment Test aims to positively influence patient risk management strategies and healthcare reimbursement opportunities.

Genetic Technologies Limited (NASDAQ: GENE) reported a strong business update for H1 2023, achieving five consecutive growth quarters. The company focuses on B2B commercialization of its geneType tests, which are protected by 27 patents. Active discussions with U.S. payers cover an estimated 42 million lives, driving potential revenue growth. Recent peer-reviewed publications validate the clinical utility of the geneType platform, enhancing physician awareness. Additionally, EasyDNA and Affinity brands continue to expand, with new offerings and a revised eCommerce platform on the horizon.

Genetic Technologies Limited (NASDAQ: GENE) has published a peer-reviewed paper validating polygenic risk scores for cardiovascular diseases and type 2 diabetes in the geneType Multi-Risk Test. Coauthored by experts from the University of Melbourne, the research utilized data from over 50,000 UK Biobank participants, demonstrating that GTG's scores use fewer genetic changes yet maintain predictive accuracy. The study highlights the significant health impact of these diseases in Australia, with millions affected, urging the adoption of GTG's tests for improved patient outcomes.