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.
MELBOURNE, Australia, Nov. 10, 2022 - Genetic Technologies (ASX:GTG, NASDAQ:GENE) announces an upcoming webinar featuring Dr. Erika Spaeth and A/Prof. Charles Siles, focusing on geneType testing for Breast and Ovarian Cancer risk assessment. The discussion emphasizes the importance of screening to identify patients at risk of serious diseases, enabling timely preventative measures. The webinar is set for November 17, 2022, at 9:30 AEDT (5:30 PM EST), allowing participants to engage with questions online. Genetic Technologies continues to lead in genomics-based testing innovation.
Genetic Technologies Limited (NASDAQ: GENE) announces the publication of a validation study in the European Journal of Cancer Prevention that evaluates the performance of its geneType ovarian cancer test. This 10-year prospective cohort study, involving over 190,000 women, demonstrates that the geneType test significantly enhances the identification of women at increased risk for ovarian cancer. Key findings include the ability to identify the top 20% of women with over a 40% increased 10-year risk. The results promote early intervention and improved patient outcomes for ovarian cancer, a leading cause of cancer-related death in women.
Genetic Technologies Limited (NASDAQ: GENE; ASX: GTG) reported a significant 375% revenue increase to A$1.93 million for Q1 FY23, driven by its core brands: geneType, EasyDNA, and AffinityDNA. Cash receipts were A$2.06 million with a cash balance of A$7.95 million. The company announced strategic acquisitions to strengthen its direct-to-consumer channel and expanded commercialization efforts for its geneType multi-risk test. Partnerships with healthcare providers and the development of a pharmacy channel were highlighted, along with progress in the US market aimed at securing reimbursement for its tests.
Genetic Technologies Limited (NASDAQ:GENE) will feature in an upcoming interview on The RedChip Money Report airing on Bloomberg TV on October 15, 2022, at 7 p.m. ET. CEO Simon Morriss will discuss the company’s expanded test portfolio, global partnerships, and five consecutive quarters of revenue growth. As a leader in genomics-based health tests, Genetic Technologies aims to improve health outcomes through its innovative risk assessment products, notably in oncology and cardiovascular sectors. The interview will be available online for further insights.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announced the publication of a paper in the Journal of Precision Medicine that underscores the benefits of its GeneType Risk Prediction Tools in precision medicine. The study demonstrates that the GeneType Risk Assessment Test for breast cancer outperforms traditional assessments, achieving a 9-fold improvement in identifying at-risk women. The paper emphasizes integrating genomic data with traditional risk factors for enhanced patient outcomes, supporting earlier interventions.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) reports significant progress in U.S. market operations. The company is engaging with 11 U.S. payer groups, targeting coverage for its geneType Breast Cancer Risk Assessment Test, which could save the U.S. healthcare system $1.4 billion annually. Other highlights include partnerships with 19 Concierge Medicine practices, re-engagement with 1,600 previous customers, and the establishment of a U.S. operations team for EasyDNA product sales. The Melbourne lab has received CLIA certification as a High Complexity Laboratory, facilitating U.S. sample testing.
Genetic Technologies Limited (NASDAQ: GENE) reported a remarkable revenue increase of 5,536% for the year ending June 30, 2022, totaling A$6.674 million. The growth is attributed to the acquisition of EasyDNA and the recent addition of AffinityDNA, enhancing their portfolio of genetic tests.
Key initiatives include reimbursement discussions for the geneType Breast Cancer Risk Assessment test, aiming for widespread adoption. The company plans to expand their offerings, with over 50 tests now available across 14 categories, positioning GENE to capitalize on a rapidly growing market.
Genetic Technologies Limited (NASDAQ: GENE) reported a solid performance for Q4 FY22, with cash receipts rising by 43% to A$3.5 million, including a R&D tax incentive of A$1.4 million. Customer revenue reached A$2 million, an increase of 2.3% from the previous quarter, and cash reserves were A$11.7 million as of June 30, 2022. The company acquired AffinityDNA, enhancing its European sales channels, and launched discussions with U.S. payers for its geneType risk tests, which now operate in 24 clinics. The outlook remains optimistic, targeting multi-billion-dollar opportunities in genetic testing.
Genetic Technologies Limited (NASDAQ: GENE) has partnered with Melbourne's Siles Health to integrate the geneType Multi-Risk Test into their obstetrics and gynaecology practices. This initiative aims to enhance personalized patient care by identifying high-risk patients for various serious diseases.
Siles Health, treating over 15,000 patients each year, will incorporate genetic counseling services for actionable patient pathways. The geneType Multi-Risk Test assesses risks for diseases like breast and colorectal cancer. The partnership represents a key step in GENE's commercialization strategy, promising improved health outcomes for patients.
Genetic Technologies Limited (NASDAQ: GENE) has completed its acquisition of AffinityDNA's direct-to-consumer eCommerce business and distribution rights, initially announced on May 16, 2022. This strategic move aims to enhance GENE's direct-to-consumer capabilities and tap into the growing consumer genomics market. The acquisition adds 51 tests across 14 categories to GENE's portfolio, including non-invasive prenatal testing and lifestyle genomics. GENE retains AffinityDNA's team in the UK and plans to leverage its market presence to boost sales of its geneType Multi Risk test.
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