Launching our most comprehensive test and expanding into new global markets
Genetic Technologies Limited (NASDAQ: GENE) has released a business update for the quarter ending 31 December 2023, showcasing its pioneering initiatives in genomics-based tests for precision medicine. The company reported cash receipts totaling A$3.6m, including A$1.85m from customers and A$1.75 million from R&D Tax Incentive. Genetic Technologies also announced the appointment of 2 experienced commercial advisors to accelerate its Direct to Consumer plans for Genetype in the U.S. The company processed a record number of geneType tests and launched the Hereditary Breast & Ovarian Cancer Risk Assessment Test (HBOC) in the U.S. It also commenced a Precision Medicine Pilot with the Gold Coast Private Hospital and is expanding its global footprint in South East Asia and the UK. Genetic Technologies has also initiated activities associated with the CASSOWARY Trial, named as the sole industry partner for the $2.4 million clinical trial.
The recent update from Genetic Technologies Limited highlights several key financial and operational milestones that are crucial for evaluating the company's performance and growth trajectory. The reported cash receipts totaling A$3.6 million for the quarter, including customer receipts and R&D Tax Incentive, indicate a solid revenue stream. This financial injection is critical for funding ongoing research and development efforts, as well as for supporting the expansion of the company's Direct to Consumer (DTC) strategies in the U.S. market.
Furthermore, the company's focus on expanding its global footprint, particularly through potential partnerships in South East Asia and the targeted campaign in the UK, suggests a strategic approach to scaling its operations and diversifying its market reach. The financial implications of such expansions could be significant, potentially leading to increased market share and revenue in the long term. However, investors should monitor the execution of these strategies closely, as entering new markets carries inherent risks and requires substantial investment.
The advancements in predictive genomics reported by Genetic Technologies Limited, including the launch of the Hereditary Breast & Ovarian Cancer Risk Assessment Test (HBOC) and the commencement of the CASSOWARY Trial , represent significant strides in personalized medicine. The increase in the volume of geneType tests processed reflects the growing demand for personalized health solutions and the company's ability to scale its operations to meet this demand.
From a medical research perspective, the collaboration with Gold Coast Private Hospital and the involvement in the MRFF Grant-funded clinical trial underscore the company's commitment to evidence-based product development. The outcomes of these initiatives could have profound implications for the standard of care in general practice, potentially leading to earlier disease detection and more tailored treatment strategies. This could increase the clinical adoption of the company's tests, further driving revenue growth.
Genetic Technologies Limited's focus on the burgeoning consumer personalized health and wellness sector, as evidenced by its DTC initiatives, taps into a growing trend of consumer empowerment in healthcare. The appointment of experienced commercial advisors is a strategic move to enhance market penetration, particularly in the U.S., which is a key market for genomics-based tests.
The company's efforts to access Indonesia's healthcare market and the partnership with the UK National Pharmacies Association (NPA) reflect an understanding of the diverse regulatory and consumer landscapes. The success of these market-specific strategies will depend on the company's ability to navigate cultural differences and regulatory hurdles. Long-term, these efforts could contribute to a diversified and resilient revenue base, but short-term gains may be offset by the costs and challenges associated with market expansion and consumer education.
01/31/2024 - 08:00 AM
MELBOURNE, Australia, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (NASDAQ: GENE), is at the forefront in personalised predictive genomics, reshaping the healthcare landscape with its inventive strategy for early disease detection and personalized wellness is pleased to share Business update for the quarter ending 31 December 2023 (Q2 FY24).
GENE's pioneering initiatives in genomics-based tests place it at the forefront of precision medicine. Leading the world in risk prediction in oncology, cardiovascular, and metabolic diseases, Genetic Technologies continues to develop cutting edge risk assessment products to capitalize on the burgeoning clinical and consumer personalised health and wellness sector presents a substantial opportunity for investors.
Key highlights :
Cash Receipts totalling A$3.6m for the Quarter ending December 2023 Receipts from customers A$1.85m R&D Tax Incentive of A$1.75 million received. Appointment of 2 experienced commercial advisors to accelerate our Direct to Consumer (‘DTC’) plans for Genetype in the U.S., capitalising on the burgeoning consumer personalised health and wellness sector.Record number of geneType tests processed, with six times more commercial samples received compared to the prior corresponding period.Launched Hereditary Breast & Ovarian Cancer Risk Assessment Test (HBOC) via an exclusive Santa Monica event for a select group of clinicians.Commenced Precision Medicine Pilot with the Gold Coast Private Hospital, a member of Healthscope.Expanding Global Footprint South East Asia. Discussions continue with potential partners to access Indonesia's healthcare market, with the geneType Multi-Risk testExpanding Global Footprint UK. In April 2024 the Company’s branded tests are to be offered to subscribers of the UK National Pharmacies Association (NPA) via a targeted campaign.Commenced Activities associated with CASSOWARY Trial. MRFF Grant named GTG as sole industry partner for the $2.4 million clinical trial. Results will inform how cancer risk is assessed and has the potential to reshape care in General Practice.Commenting on the Company’s quarterly performance, Chief Executive Officer Simon Morriss said:
“In the past quarter, we achieved further significant milestones in the business starting with a record number of geneType test processed. Additionally, the team have successfully recruited many new healthcare professionals, setting up a strong base for increased adoption of our tests in our key markets, Australia and the U.S. Other achievements include the launch of the geneType HBOC test in the U.S., continued partnering discussions for the the rapidly expanding healthcare sector in Indonesia and we are excited about the upcoming launch of our branded tests in the UK through the National Pharmacies Association (NPA).
“Locally our Precision Medicine Clinic pilot at Gold Coast Private Hospital (GCPH), a member of Healthscope, is getting under way utilising GTG’s geneType Multi Risk test combined with Pharmacogenomics (PGx) tests with the ultimate objective of improving outcomes for GCPH’s patients. Additionally, being named the sole industry partner for a Medical Research Future Fund (MRFF) Genomics Health Futures Mission Grant further underscores our commitment to groundbreaking research.
“Finally I want to thank our shareholders for their support at the 2023 Annual General meeting on the share consolidation and enhancing our ability to raise capital and pursue future growth opportunities”.
Operational Highlights GeneType Tests
Launch of Comprehensive Hereditary Breast & Ovarian Cancer Risk Assessment Test
Exploring New Markets
South East Asia
Engagement continues with potential partners in the rapidly growing Indonesian healthcare market. Government spending in Indonesia’s healthcare sector is expected grow to US$78 billion by 20271 . GTG anticipates executing a Memorandum of Understanding (MoU) in the coming months to cement a long-term partnership and expansion of the groundbreaking geneType Multi-Risk test in this key market.
United Kingdom
Launch of the Company’s branded tests, EasyDNA, Affinity DNA, and geneType, via a targeted campaign with U.K. National Pharmacies Association (NPA), will be launched in April 2024, providing unprecedented access to a wide range of critical tests to consumers in the UK via the NPA network.
Precision Medicine Pilot Partnership commences with The Gold Coast Private Hospital
The partnership with the Gold Coast Private Hospital (GCPH), a member of Healthscope, is an exciting initiative. The pilot is well underway with several patients already recruited for this ground-breaking study in preventative health. The goal of precision medicine is to target the right treatments to the right patients at the right time. Utilising GTG’s geneType Multi-test and Pharmacogenomics (PGx) tests is a major step in improving health outcomes for GCPH’s patients.
The partnership was initiated with a 50-patient pilot study to establish workflow and patient reporting, utilising geneType multi-risk test combined with PGx tests, provide a comprehensive wellness profile for GCPH patients. Positive outcomes from the study will enable the rollout of additional Precision Medicine Clinics throughout the Healthscope network. Healthscope is Australia's only national private hospital operation and healthcare provider with a network of thirty-eight hospitals that service every state and territory with approximately 19,000 employees. GTG believes this is an exciting opportunity to prove the clinical and predictive utility of geneType.
MRFF Grant
Enquiries
Investor Relations Adrian.mulcahy@automicgroup.com.au
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
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1 https://www.trade.gov/healthcare-resource-guide-indonesia#:~:text=2% 20trillion%20(%2447.1% 20billion,10.0% 25% 20in%20U.S.%20dollar%20terms.
The ticker symbol for Genetic Technologies Limited is GENE.
The cash receipts for Genetic Technologies Limited totaled A$3.6m for the quarter ending December 2023, including A$1.85m from customers and A$1.75 million from R&D Tax Incentive.
Genetic Technologies Limited launched the Hereditary Breast & Ovarian Cancer Risk Assessment Test (HBOC) in the U.S.
Genetic Technologies Limited is involved in activities associated with the CASSOWARY Trial, named as the sole industry partner for the $2.4 million clinical trial.
Genetic Technologies Limited is expanding its global footprint in South East Asia and the UK, with discussions continuing with potential partners to access Indonesia's healthcare market and the company's branded tests to be offered to subscribers of the UK National Pharmacies Association (NPA) via a targeted campaign in April 2024.
