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Genetic Technologies Limited (NASDAQ: GENE) has announced significant advancements through its acquisition of EasyDNA. The company is expanding its test offerings, now including Carrier Testing and Non-Invasive Prenatal Tests (NIPT) in Europe, targeting the second largest healthcare market. In India, EasyDNA has partnered with stud farms for equine paternity testing. Additionally, a new DNA storage facility has been launched, complying with NATA and CLIA standards. CEO Simon Morriss highlighted these initiatives as critical for ensuring continuous revenue growth.
Genetic Technologies Limited (NASDAQ: GENE) announced the rollout of its geneType Risk Assessment Test across 16 medical practices on Australia's East Coast. This initiative is a part of the GeneType Hub strategy, aiming to enhance primary care by identifying serious diseases early, including cancers and diabetes. Independent models suggest that the test could improve patient outcomes significantly.
With over 212,400 Australians diagnosed with these diseases annually, GENE aims to provide actionable insights for clinicians to better manage chronic health conditions.
Genetic Technologies Limited (NASDAQ: GENE) has completed a customizable Budget Impact Model (BIM) for its geneType Breast Cancer Risk Assessment Test, highlighting potential annual savings of US $1.4 billion in breast cancer treatment costs. The BIM emphasizes the need for a comprehensive risk assessment tool, as 85% of breast cancers are sporadic. Key findings indicate an increase in health screening from 69% to 74% and a reduction of interval cancers by 40.5%. This model positions GENE favorably with US Payers, potentially accelerating commercialization and reimbursement processes.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) has announced the acquisition of AffinityDNA for £555,000 (approximately US$683,000). This strategic move aims to enhance GENE's direct-to-consumer (DTC) genomics testing portfolio, expanding its presence in key markets such as the US, UK, and Europe. The deal includes acquiring AffinityDNA's assets, which encompass brand identities, distribution rights, and laboratory testing agreements. Furthermore, GENE expects to leverage existing marketing channels and commercial synergies to drive growth.
Genetic Technologies Limited (NASDAQ: GENE) reported a remarkable 475% revenue growth year-to-date for the nine months ending March 31, 2022. The company achieved A$2 million in cash receipts in Q3, primarily from EasyDNA product sales. Key advancements include the launch of the geneType Multi-Risk Test with NATA accreditation and CMS certification, alongside a US patent for the COVID-19 Risk Test. The company maintains a healthy cash balance of A$11.43 million, which provides a 21-month runway for growth initiatives. CEO Simon Morriss highlighted the company's strong position for future commercialization.
Genetic Technologies Limited (NASDAQ: GENE) announced the granting of US Patent No: US 11,257,569 for its geneType COVID-19 Risk Test. This test assesses an individual's risk of severe COVID-19 symptoms requiring hospitalization. CEO Simon Morris emphasized the substantial market potential for this test, which aids in making informed health decisions regarding vaccination and disease management. The test is expected to be useful for unvaccinated individuals, as well as those vaccinated but at high risk. The company aims to enhance health outcomes amid ongoing COVID-19 challenges.
Genetic Technologies Limited (NASDAQ: GENE) announced on February 17, 2022, that its Fitzroy laboratory in Melbourne has achieved dual NATA accreditation and CMS CLIA-certification. This milestone enables the commercial launch of the GeneType Multi-Test in Australia and the USA. This test assesses the risk of six serious diseases including cancers and coronary artery disease, impacting millions annually. The first phase of availability for healthcare professionals began the week of February 21, 2022, with plans to expand its market reach leveraging newly engaged sales teams.
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) announced strong Q2 results for FY22, showcasing a cash balance of A$13.5 million and customer receipts of A$1.8 million. The company focuses on genetic testing, launching the Multi-Test for various cancers and diseases, currently awaiting regulatory approval. Notably, a US patent application for the COVID-19 Risk Test has been accepted, with studies confirming its efficacy. The acquisition of EasyDNA enhances their market reach, with operations across 70 websites in 40 countries, poised for growth in the direct-to-consumer genetic testing market.
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) reported a 112% increase in projected cash receipts to A$1.8 million in 2QFY22, driven by the successful integration of EasyDNA. The company completed submissions for its Multi-Test product to NATA and CMS, expecting regulatory approval soon. As part of its growth strategy, the US patent application for the geneType COVID-19 Risk Test has been accepted, and a cross-validation study confirmed its effectiveness. Strategic partnerships with 1Health and IBX enhance patient distribution networks.
Genetic Technologies Limited (NASDAQ: GENE) announced that Dr. Erika Spaeth will present at the 2021 San Antonio Breast Cancer Symposium. The company highlighted significant advancements in its geneType Breast Cancer Test, showing better discrimination and calibration compared to traditional models. The new study, which analyzed over 200,000 UK Biobank participants, utilized 313 SNPs to enhance the risk model. The test can effectively identify breast cancer risk in over 85% of women, promoting early detection and better patient outcomes.