ASX Share rice
Sat 15 May 2021 - 02:57:am (Sydney)

GTG Share Price

GENETIC TECHNOLOGIES LIMITEDGTGPharmaceuticals, Biotechnology & Life Sciences

GTG Company Information

Name:

Genetic Technologies Limited

Sector:

Healthcare

Industry:

Diagnostics & Research

GIC Industry:

Life Sciences Tools & Services

GIC Sub Industry:

Life Sciences Tools & Services

Address:

60-66 Hanover Street Fitzroy VIC Australia 3065

Phone:

61 3 8412 7000

Chief Financial Officer:

Mr. Phillip Hains C.A., M.B.A., B Bus, CA, MBA

Chief Operating Officer:

Mr. Stanley Sack

Chief Scientific Officer:

Dr. Richard Allman

Chief Medical Officer & Exec. Director:

Dr. Jerzy Muchnicki MBBS

Chief Exec. Officer:

Mr. Simon Morriss

Consultant:

Mr. Paul Keith Mathieson Viney B. Bus, FCPA, FGIA, FCI

Company Sec.:

Mr. Justyn Stedwell

Company Overview:

Genetic Technologies Limited, a molecular diagnostics company, provides predictive testing and assessment tools to help physicians manage women's health in Australia and the United States. The company's lead product is the BREVAGenplus, a clinically validated risk assessment test for non-hereditary breast cancer. It also markets BREVAGenplus to healthcare professionals in breast health care and imaging centers, as well as to obstetricians/gynecologists and breast cancer risk assessment specialists, such as breast surgeons. In addition, the company engages in the development of various cancer risk assessment tests under the GeneType for Colorectal Cancer and GeneType for Breast Cancer name. Further, it offers genetic testing services, including medical, animal, forensic, and plant testing. The company has research and collaboration agreements with the University of Melbourne, Translational Genomics Research Institute, Memorial Sloan Kettering New York Cambridge University, the Ohio State University, and Shivom. Genetic Technologies Limited was founded in 1989 and is headquartered in Fitzroy, Australia.

GTG Share Price Information

Shares Issued:

9.02B

Market Capitalisation:

$72.13M

Revenue (TTM):

$25.71K

Earnings per Share:

$-0.002

Operating Margin (TTM):

$-327.64

Return On Assets (TTM):

$-0.45

Return On Equity (TTM):

$-0.68

Quarterly Revenue Growth (YOY):

27.048

Gross Profit(TTM):

$-241,647

Diluted Earnings Per Share (TTM):

$-0.001

GTG CashFlow Statement

CashFlow Date:

2020-06-30

Investments:

$43.38K

Change To Liabilities:

$695.65K

Total Cashflow From Investing Activities:

$64.79K

Net Borrowings:

$-131,655

Net Income:

$-6,098,930

Total Cash From Operating Activities:

$-5,712,098

Depreciation:

$265.93K

Other Cashflow From Investing Activities:

$22.51K

Dividends Paid:

$0

Change To Inventory:

$-59,525

Change To Account Receivables:

$29.41K

Sale Purchase Of Stock:

$21.79M

Capital Expenditures:

$38.10K

GTG Income Statement

Income Date:

2020-06-30

Income Before Tax:

$-6,098,930

Net Income:

$-6,098,930

Gross Profit:

$-241,650

Operating Income:

$-6,084,110

Other Operating Expenses:

$-1,135,125

Interest Expense:

$-152,940

Total Revenue:

$9.86K

Total Operating Expenses:

$6.42M

Cost Of Revenue:

$251.51K

GTG Balance Sheet

Balance Sheet Date:

2020-06-30

Total Liabilities:

$2.62M

Total Stockholder Equity:

$13.02M

Other Current Liabilities:

$134.32K

Total Assets:

$15.63M

Common Stock:

$140.11M

Other Current Assets:

$97.85K

Retained Earnings:

$-135,851,192

Other Liabilities:

$0.98M

Cash:

$14.21M

Total Current Liabilities:

$1.40M

Property - Plant & Equipment:

$440.23K

Net Tangible Assets:

$13.02M

Total Current Assets:

$15.19M

Long-Term Debt:

$52.25K

Net Receivables:

$789.35K

Short-Term Investments:

$440.23K

Inventory:

$91.39K

Accounts Payable:

$350.15K

Short-Term Investments:

$440.23

Non Current Liabilities (Other):

$0.98M

Non Current Liabilities Total:

$1.22M

GTG Share Price History

GTG News

13 May, 2021
MELBOURNE, Australia, May 13, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a diversified Genomics and AI driven preventative health business, today announced an interview with Simon Morriss, CEO, will air on The RedChip Money Report® on the Bloomberg Network in the U.S. on Saturday, May 15th, at 7 p.m. local time in 73M homes across the United States. In the exclusive interview, Mr. Morriss discusses the Company’s upcoming milestones, updates on the company’s lead risk assessment products, GeneType for Breast Cancer, for non-hereditary breast cancer and GeneType for Colorectal Cancer, as well as their Covid19 Risk Assessment test. Mr. Morriss also discusses the company’s developing pipeline of risk assessment products and commercialization plans. To view the interview segment, please visit: https://youtu.be/-o-2YWJ7FyU “The RedChip Money Report" delivers insightful commentary on small-cap investing, interviews with Wall Street analysts, financial book reviews, as well as featured interviews with executives of public companies. About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com Investor Relations (AUS)Investor Relations and Media (US)Stephanie OttensDave GentryMarket Eye1 800 RED CHIP (733 2447)M: +61 434 405 400Cell: 407 491 4498E: stephanie.ottens@marketeye.com.auE: dave@redchip.com
26 Apr, 2021
MELBOURNE, Australia, April 26, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a diversified Genomics and AI driven preventative health business provides an update to the market on the progress of the US commercial availability of the Company’s COVID-19 Serious Disease Risk Test (‘COVID-19 Risk Test’) via US Based Infinity BiologiX LLC (‘IBX’), (ref: Genetic Technologies press release on March 4, 2021). The Company confirms the submission of the COVID-19 Risk Test regulatory pack to the regulators1. In conjunction with prior correspondence with the regulators this submission enables the commercial release within the United States Final steps in the technical interface are being built with additional capabilities for the telehealth platform to enable sales of GTG’s COVID-19 Risk Test and further products2 within markets outside of the United States. The Company will provide further updates on regional releases as and when they are confirmed. The commercial release is expected to occur no later than the end of May once the technical interface for the United States telehealth platform is completed by IBXs telehealth partners. Simon Morriss stated: “We are excited to be at the precipice of the commercial release of our COVID-19 Risk Test. With IBXs testing capacity of ~100,000 SARS CoV-2 Tests undertaken per day we look forward to seeing this rolled out and informing individuals of their risk of developing a serious case of COVID-19. Additionally, broadening the opportunity set by building a platform that can enable sales beyond the United States will be critical in streamlining market expansions and future product launches.” The Company will provide further details on the updated launch date for the COVID-19 Risk Test once confirmed between GTG, IBX and their telehealth partner. Regulators include the Centres for Medicare and Medicaid Services / Clinical Laboratory Improvement Amendments (CMS/CLIA) and New York State Department of Health (NYSDOH)/Clinical Laboratory Evaluation Program (CLEP). For COVID-19 testing, we are following a policy March 2020 FDA policy allowing laboratories to initiate patient testing once the assay has been: Validated and approved by the laboratory director/ responsible Certificate of Qualification Holder; andSubmitted to CLEP via hard copy and digital. COVID-19 Risk Test availability within expanded markets outside of the United States subject to regulatory approvals for each region. Authorised by the Board of Genetic Technologies Investor Relations (AUS)Investor Relations and Media (US)Stephanie OttensDave GentryMarket Eye1 800 RED CHIP (733 2447)M: +61 434 405 400Cell: 407 491 4498E: stephanie.ottens@marketeye.com.auE: dave@redchip.com About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com About Infinity BiologiX LLC Infinity BiologiX (IBX) is a market-disrupting central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX previously operated as RUCDR Infinite Biologics before spinning off from Rutgers University-New Brunswick in August 2020. For more information, visit www.ibx.bio
12 Apr, 2021
13:37
Yahoo! Finance
Companies in the news are: AFMD, FUBO, GENE, CELC
MELBOURNE, Australia, April 12, 2021 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”), announces the appointment of Michael Tonroe to the role of Chief Financial Officer, commencing on 28 June 2021. Michael has over 25 years’ experience in overseeing the finance function at both management and board-level positions for private and listed companies in Australia, UK, US and Canada. He also has extensive experience in the biotech space across both the financial and company secretary roles having most recently managed both functions for dual-listed Opthea Limited. Commenting on the appointment, Chairman, Peter Rubinstein said, “We are pleased to appoint Michael to the role of Chief Financial Officer. Michael’s background and expertise in cross border financial management will be a significant asset for GTG. In conjunction with the recent appointment of Simon Morriss we are well positioned with a strong senior leadership team across all major functions with significant depth of experience and expertise.” In recognising the support of CFO Solutions Mr Rubinstein stated: “We thank the team at CFO Solutions for their critical outsourced financial support over the past few years as we repositioned the business and established our longer-term strategy. There professionalism and expertise have been highly appreciated and we look forward to a smooth transition when Michael commences with us at the end of June.” Prior to his most recent role as Chief Financial Officer and Company Secretary at dual-listed Opthea Michael was Chief Financial Officer and Company Secretary at the Australian Synchrotron in Melbourne. Michael also has extensive accounting expertise having worked for both Deloitte and KPMG in the UK and Hong Kong. On joining Genetic Technologies Michael stated, “I am excited to be joining the team at Genetic Technologies. The depth of experience sitting within this business already is impressive and I am thrilled to once again utilise my skills and expertise in working with companies as they transition from early-stage revenue to full commercialisation. I look forward to working with the whole team to establish the inhouse finance function to provide the structure and support for Genetic Technologies long-term strategy.” Michael is a fellow of the Institute of Chartered Accountants in England and Wales, a member of the Australian Institute of Company Directors and holds a graduate degree in Business Studies from Buckingham University, UK. Approved by the Board of Directors Genetic Technologies Limited. Investor Relations (AUS) Investor Relations and Media (US)Stephanie Ottens Dave GentryMarket Eye 1 800 RED CHIP (733 2447)M: +61 434 405 400 Cell: 407 491 4498E: stephanie.ottens@marketeye.com.au E: dave@redchip.com About Genetic Technologies LimitedGenetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com
09 Apr, 2021
MELBOURNE, Australia, April 09, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a diversified Genomics and AI driven preventative health business provides an update to the market on the progress of the US commercial availability of the Company’s COVID-19 Serious Disease Risk (“COVID-19 Risk Test”) via US Based Infinity BiologiX LLC (‘IBX’), (ref: ASX Announcement 3 March 2021). Genetic Technologies advises that the Company has completed all validation and data-based analysis for the COVID-19 Risk Test. IBX, our US based distribution partner is currently completing the technical interface with their telehealth partner for the commercial availability of the COVID-19 Risk Test across the United States. The technical interface is a requirement for the submission to Centres for Medicare and Medicaid Services (‘CMS’), with submission required prior to the commercial release of the COVID-19 Risk Test by IBX. IBX has three well-established labs, with two in New Jersey and one in Minnesota and a network of COVID-19 testing partners, with access to testing sites across the country providing a clear pathway for the sale and distribution of GTG’s COVID-19 Risk Test. GTG’s COVID-19 Risk Test may enable the risk assessment of an individual developing a serious disease should they contract the COVID-19 virus. The COVID-19 Risk Test is intended to predict ‘disease severity’ using a combination of genetic and clinical information. “Our COVID-19 Risk Test is a crucial product that will provide individuals with the ability to understand their personal risk associated with contracting a serious case of this disease,” commented Simon Morriss, CEO of GTG. “Alongside existing treatment options and vaccines, we believe this test will enable more insightful decisions for states, workplaces and individuals on pathways forward in managing this pandemic.” IBX is a market-disrupting central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX launched its COVID-19 saliva-test in May 2020, after receiving FDA Emergency Use Authorization. It was the first test to utilize saliva as the primary biomaterial for SARS-CoV-2, and IBX subsequently became the first company to offer an at-home collection with this approach. IBX currently has the capacity to process over 100,000 COVID-19 Risk Tests per day across its two major labs and is well-positioned with an existing network of SARS-CoV-2 testing partners and associated medical practitioners across the US to be able to use GTG's COVID-19 Risk Test in conjunction with these existing third-party SARS-CoV-2 Tests. Further updates will be provided in due course. Authorised by the Board of Genetic Technologies Investor Relations (AUS) Investor Relations and Media (US)Stephanie Ottens Dave GentryMarket Eye 1 800 RED CHIP (733 2447)M: +61 434 405 400 Cell: 407 491 4498E: stephanie.ottens@marketeye.com.au E: dave@redchip.com About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com About Infinity BiologiX: Infinity BiologiX (IBX) is a market-disrupting next-generation central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX previously operated as RUCDR Infinite Biologics before spinning off from Rutgers University-New Brunswick in August 2020. For more information, visit www.ibx.bio
04 Mar, 2021
MELBOURNE, Australia, March 04, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a diversified Genomics and AI-driven preventative health business is pleased to announce a co-exclusive production and distribution rights and license agreement (‘Agreement’) with US-based Infinity BiologiX LLC (‘IBX’), a leading central laboratory providing sample collection and processing, storage, analytical services, and scientific and technical support, for the production, distribution and sale of the Company’s COVID-19 Serious Disease Risk (sdr) Test (‘COVID-19 Risk Test’) in the United States. Highlights Initial three-year co-exclusive licence agreement between IBX and GTG for the production, distribution, sales and marketing of GTG’s COVID-19 Risk Test in the US, under the ‘powered by GeneType’ brandingIBX is required to make minimum payments to GTG totaling US$2.9 million over the term to maintain exclusivity with an initial upfront payment of US$50k followed by minimum payments totaling US$850k in the first year and US$1.0 million in each of the second and third years1IBX may terminate this agreement at any time and for any reason upon 60 days written notice to GTG with effect upon the expiry of the 60-day periodIBX currently has the capacity to process over 100,000 COVID-19 Risk Tests per day across its two major labs and is well-positioned with an existing network of SARS-CoV-2 testing partners and associated medical practitioners across the US to be able to use GTG's COVID-19 Risk Test in conjunction with these existing third-party SARS-CoV-2 TestsUnderlying royalty structure is on a per unit basis of US$10IBX will define and decide the sales and end-to-consumer pricing structure for the COVID-19 Risk Test Genetic Technologies has secured a co-exclusive three-year agreement for the production, sale and distribution of its COVID-19 Risk Test across the United States with IBX, subject to IBX's rights to early termination on 60 days’ notice. The payment structure includes an initial upfront payment of US$50k followed by minimum payments totalling US$850k in the first year and US$1.0 million in each of the second and third years totalling a minimum US$2.9 million to maintain exclusivity. IBX has three well-established labs, with two in New Jersey and one in Minnesota and a network of COVID-19 testing partners, with access to testing sites across the country providing a clear pathway for the sale and distribution of GTG’s COVID-19 Risk Test. GTG’s COVID-19 Risk Test may enable the risk assessment of an individual developing a serious disease should they contract the COVID-19 virus. The COVID-19 Risk Test is intended to predict ‘disease severity’ using a combination of genetic and clinical information. Simon Morriss, CEO of Genetic Technologies, stated: "We are excited to be partnering with IBX, to enable our COVID-19 Risk Test to be introduced commercially into the COVID-19 product landscape in the US. This agreement is a significant milestone for GTG representing the first multi-year commercial agreement the Company has entered into for the sale and distribution of one of its developed products. “Our COVID-19 Risk Test is a crucial product that will provide individuals with the ability to understand their personal risk associated with contracting a serious case of this disease. Alongside existing treatment options and vaccines, we believe this test will enable more insightful decisions for states, workplaces and individuals on pathways forward in managing this pandemic.” IBX is a market-disrupting central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX launched its COVID-19 saliva-test in May 2020, after receiving FDA Emergency Use Authorization. It was the first test to utilize saliva as the primary biomaterial for SARS-CoV-2, and IBX subsequently became the first company to offer an at-home collection with this approach. “We view this initial agreement for the sale and distribution of Genetic Technologies’ COVID-19 Risk Test as a critical collaboration in line with our mission to understand the genetic causes of common, complex diseases and to discover diagnoses, treatments and, eventually, cures for these diseases,” explained Robin Grimwood, IBX Chief Executive Officer, “We are uniquely and strategically positioned with our partners to deliver the test and provide remote telehealth services and reporting, utilizing our extensive array capability and capacity across a number of platforms. We were proud to offer the first COIVD-19 PCR saliva test last spring and now see the Risk Test as an important next step with providing patients with the information they need to make the best decisions possible for their own health, their family’s health and the health of their community.” Peter Rubinstein, Chairman of GTG stated: “This agreement is a testament to the hard work of the team both at IBX and within GTG who have navigated challenges and a changing landscape to ensure we can deliver this product to market and provide a valuable resource in the fight against COVID-19. We look forward to a long and fruitful relationship with IBX as we collaborate to bring this valuable resource to market in the fight against COVID-19. “Our head of strategic partnerships, Adam Kramer, was critical in driving this agreement through his strong relationships within IBX and his incredible passion to bring new, innovative, and transformative healthcare technologies and advancements to market. “We also recognise and applaud the significant contribution of our Scientific Team, headed by Dr Richard Allman, our Medical Team now headed by Dr George Muchnicki and Kathy Koskiris heading our Regulatory Team for their ongoing dedication to refining and improving our COVID-19 Severity Predictor to enable us to be at this critical juncture for the Company. “We value and recognise the long-term and significant support we have received from our shareholder base throughout these past months and years and are thrilled to be delivering on our strategic objective outlined to the market at the start of this COVID journey.” The GTG team is in final stages to submit the COVID-19 Risk Test for clearance from Clinical Laboratory Improvement Amendments (CLIA) and will update the market when clearance is received. Genetic Technologies Contacts: Investor Relations (AUS)Investor Relations and Media (US) Stephanie OttensDave GentryMarket Eye1 800 RED CHIP (733 2447)M: +61 434 405 400Cell: 407 491 4498E: stephanie.ottens@marketeye.com.auE: dave@redchip.com Infinity BiologiX Media Contact: Judy Hopkins Judy.hopkins@ibx.bio About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com About Infinity BiologiX LLC: Infinity BiologiX (IBX) is a market-disrupting next-generation central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas. As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas. IBX previously operated as RUCDR Infinite Biologics before spinning off from Rutgers University-New Brunswick in August 2020 For more information, visit www.ibx.bio Forward-Looking Statements This press release may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. _____________________1Subject to certain payment provisions allowing IBX to average sales volumes over subsequent quarters
26 Feb, 2021
MELBOURNE, Australia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, today announced an interview with Dr. George Muchnicki, Chief Medical Officer and Executive Director, will air on The RedChip Money Report® on Bloomberg TV in the US on Saturday, February 27, at 7 p.m. local time in 73M homes across the United States. The RedChip Money Report® also airs on Bloomberg International in Europe in 100M homes at 6 pm local time on Sundays. In the exclusive interview, Dr. Muchnicki discusses the Company’s cancer predictive testing and assessment tools to help physicians proactively manage patient health. Also discussed is the global market opportunity, upcoming predictive testing milestones and the capacity for Covid-19 (SDR) serious disease risk testing and the company’s developing pipeline of risk assessment products including guideline driven reimbursable Germline panel testing for cancers, heart disease and metabolic diseases such as Type 2 Diabetes. To view the interview segment, please visit: https://youtu.be/D7Rk9ezrWGM “The RedChip Money Report" delivers insightful commentary on small-cap investing, interviews with Wall Street analysts, financial book reviews, as well as featured interviews with executives of public companies. About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers, and soon to be released Cardiovascular and Metabolic predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for non-hereditary Colorectal Cancers are clinically validated risk assessment tests and are first in class. Genetic Technologies has capacity for Covid-19 testing and is growing its pipeline of risk assessment and stratification products. For more information, please visit www.gtglabs.com. Forward-Looking StatementsThis press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations and Media (US)Dave Gentry, CEORedChip CompaniesOffice: 1 800 RED CHIP (733 2447)Cell: US 407 491 4498dave@redchip.com
25 Jan, 2021
MELBOURNE, Australia, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, today announced the closing of its previously announced registered direct offering of 1,250,000 American Depositary Shares (“ADSs”), each representing six hundred (600) of the Company’s ordinary shares, at a purchase price of $5.25 per ADS for gross proceeds of approximately $6.56 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The Company intends to use the net proceeds from this offering to support the introduction and distribution of its new products in the United States and Europe, for general product research and development and reimbursement studies for polygenic risk tests, for implementation of its consumer initiated testing platforms and preparation for its Covid-19 Severity Risk Test, introduction of germline genetic testing division as well as for working capital and potential acquisitions. The Securities and Exchange Commission declared effective a registration statement on Form F-3 (File No. 333-237152) relating to these securities on March 23, 2020. A final prospectus relating to this offering has been filed with the Securities and Exchange Commission. The offering was made only by means of a prospectus. Electronic copies of the final prospectus relating to the offering may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com. Forward-Looking Statements This press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations and Media (US) Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com
21 Jan, 2021
MELBOURNE, Australia, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, today announced that it has entered into definitive agreements with several institutional investors for the purchase and sale in a registered direct offering of 1,250,000 American Depositary Shares (“ADSs”), each representing six hundred (600) of the Company’s ordinary shares, at a purchase price of $5.25 per ADS. The closing of the offering is expected to occur on or about January 25, 2021, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $6.56 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to support the introduction and distribution of its new products in the United States and Europe, for general product research and development and reimbursement studies for polygenic risk tests, for implementation of its consumer initiated testing platforms and preparation for its Covid-19 Severity Risk Test, introduction of germline genetic testing division as well as for working capital and potential acquisitions. The securities described above are being offered by the Company pursuant to a “shelf” registration statement on Form F-3 (File No. 333-237152) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2020 and declared effective by the SEC on March 23, 2020. The offering of the securities will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com. Forward-Looking Statements This press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the offering, the expected gross proceeds and the expected closing of the offering. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investor Relations and Media (US)Dave Gentry, CEORedChip CompaniesOffice: 1 800 RED CHIP (733 2447)Cell: US 407 491 4498 dave@redchip.com
MELBOURNE, Australia, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”), provides the following update to the market on further development on the COVID-19 serious disease risk Polygenic Risk Score Test (COVID-19 PRS Test) and expansion of the Company’s offering to include Germline Testing division. Key Highlights Total COVID-19 positive patient data analyzed exceeds 5,500 following inclusion of further 4,000 patients’ data º Predictive capabilities improved 100% over age and sex alone1 º Analysis confirms that the test is well calibrated2 º Further datasets will continue to enhance the accuracy and consistency of the algorithmAnticipate submission for regulatory clearance via Centers for Medicare and Medicaid Services/Clinical Laboratory Improvement Amendments (CMS/CLIA) by the end of Q1 CY21 following final validation process of expanded datasetIn active conversations on commercialization opportunities in conjunction with CLIA regulatory submission and clearanceAdditionally, as previously announced, the Company has commenced with equipment calibration along with specialized inhouse training of the scientific team to establish the Germline Testing division for hereditary cancer risk with initial focus on: º BRCA testing to be offered in conjunction with GeneType for Breast Cancer, and º Lynch Syndrome testing to be offered in conjunction with GeneType for Colorectal Cancer COVID-19 PRS Test Product AdvancementsLeveraging Genetic Technologies’ core expertise in predictive risk modelling, the Company utilized the initial dataset of 1,500 patients known to have a positive COVID-19 diagnosis from the UK biobank to develop a comprehensive predictive model to identify those patients most likely to require hospitalization should they become infected with the COVID-19 virus. The UK biobank released a further dataset on COVID-19 positive patients consisting of ~4,000 confirmed COVID-19 infected patients in November 2020. Following further assessment the Company utilized this data to further update and validate the COVID-19 PRS Test. This has resulted in enhanced validation of the predictive capabilities of over 100%3 than disease risk severity based on age and gender alone and the test has been confirmed to be well calibrated4. Further datasets are expected to be made available over the coming months and will be included in the platform to continue to enhance the predictive capabilities of the algorithm but will not impact on the current regulatory submission to CMS/CLIA by the end of Q1 CY21. These datasets will also enable further cross-validation and scientific publications based on the increased data and anticipated expansion of age assessment capabilities. Laboratory Implementation Laboratory reagents for performing the test commercially have been designed and are currently being validated in preparation for regulatory submission to CMS/CLIA with a view to targeting sales in the USA initially. The test is being validated as a multi-platform test, including as a Next Generation Sequencing Test, Mass array test with further platforms in development, to mitigate supply chain risk associated with the required reagents allowing for a de-risked commercialization pathway. This is also expected to provide greater flexibility for potential distribution partners. The laboratory reagents are being independently cross validated at the Australian Genome Research facility (AGRF). Planned CommercializationFirst-stage commercial distribution is intended to focus on engagement with key distributors in the US. The COVID-19 test was originally conceived as a personal and population-based risk management tool. Additional applications, now evident, may enable the ability to provide a test to assist in the prioritization of who will receive the vaccine first given the supply constraints and time for widespread access and a risk assessment tool for individuals given the rapid introduction of vaccines. The Company also anticipates that the knowledge gained may provide valuable insight for the development of a broadly applicable infectious-disease susceptibility model in the future. Germline Testing DivisionExpanding the scope of the GeneType Tests As previously outlined, Genetic Technologies established the Germline Testing division following the strategic decision to offer hereditary testing for inherited cancer. The initial product focus for the division will be on BRCA testing to align with the Company’s GeneType for Breast Cancer product and Lynch Syndrome testing to align with the Company’s GeneType for Colorectal Cancer. This approach provides several strategic benefits, being the ability to identify cancer risk across the whole spectrum of cancer causation, from hereditary cancers caused by monogenic mutations to sporadic cancers with a polygenic, multifactorial cause. Further announcements regarding the progression within the hereditary cancer testing will be provided as the Company progresses with the development and validation process. Genetic Technologies Limited aims to provide a comprehensive risk assessment service across the full spectrum from sporadic to inherited disease. Quarterly Results Release Date and Webinar Genetic Technologies Ltd plans to release its quarterly results and activities report for the period ending December 31, 2020, on Thursday, January 28, 2021. The Company will provide an update on further advancements to its diagnostic tests and hold an investor webinar to discuss the quarterly update, on Thursday, January 28, 2021 at 11:30 AEDT. To participate on the quarterly investor webinar, please register at: https://us02web.zoom.us/webinar/register/WN_gy5DGFNMSKiAYfYeV0Ygpg Investor Relations (AUS)Investor Relations and Media (US) Stephanie OttensDave GentryMarket Eye1 800 RED CHIP (733 2447)M: +61 434 405 400Cell: 407 491 4498E: stephanie.ottens@marketeye.com.auE: dave@redchip.com About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products. For more information, please visit www.gtglabs.com Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release constitute "forward-looking statements," within the meaning of federal securities laws, including statements related to the Company's anticipated use of proceeds and plans and prospects and other statements containing the words "anticipate," "intend," "may," "plan," "predict," "will," "would," "could," "should," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company's prior filings and from time to time in the Company's subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law. SOURCE: Genetic Technologies Limited _______________________________________1 Predictive accuracy of the test as assessed by analysis of the Area Under the Receiver Operating Characteristic Curve2 Calibration assessed using Pearson-Windmeijer goodness-of-fit test3 Predictive accuracy of the test as assessed by analysis of the Area Under the Receiver Operating Characteristic Curve4 Calibration assessed using Pearson-Windmeijer goodness-of-fit test
02 Dec, 2020
MELBOURNE, Australia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Ltd (ASX: GTG; NASDAQ: GENE, the ‘Company’), announced today that they have entered into a three-year partnership agreement with mental health company, Taliaz, for the distribution rights of their PREDICTIX products in Australia, New Zealand and the USA (“Agreement”). Key Highlights * Expands GTG’s product offering and establishes the mental health vertical through distribution partnership agreement harnessing PREDICTIX, Taliaz’s CE-registered, genomic-based, AI driven antidepressant selection technology that can improve today’s antidepressant prescribing accuracy by 47%4 * Potential to address the growing economic burden associated with diagnosing and treating depressive disorders in Australia, New Zealand and the USA * Continues GTG’s progress towards offering a highly comprehensive suite of polygenic risk assessment tests and represents GTGs first foray into pharmacogenomics* * Under the terms of the binding agreement, Taliaz will grant GTG:   °  Exclusive distribution to their PREDICTIX products within Australia and New Zealand for a period of three years   °  Non-exclusive distribution rights within the United States for a period of three yearsThe Agreement will support GTG to expand its product offering and establish the mental health vertical by harnessing PREDICTIX, Taliaz’s pioneering decision-support and management platform to optimize patient treatment for mental health disorders. Starting in the field of depression, this genomic-based, Artificial Intelligence (AI) driven antidepressant selection technology, marks GTG’s first foray into pharmacogenomics1.George Muchnicki, GTG’s Interim CEO stated: ‘We are incredibly pleased to have partnered with Taliaz to bring their predictive and personalized mental health product to Australia and New Zealand. GTG are at the forefront of providing personalized and predictive products to empower patients to make informed decisions about their health. This distribution agreement is our first external product partnership and our first product within the mental health vertical. Mental health has remained at the forefront of media discussions and government initiatives within Australia, New Zealand and globally due to the ongoing social and economic impact and given the impact from the current global pandemic. We look forward to working closely with the Taliaz team to deliver their product into these markets at this critical time.”The execution of the Agreement is reliant on product regulatory clearance by the Therapeutic Goods Administration (TGA) in Australia and Food and Drug Administration (FDA) in the USA. Once cleared, GTG has committed to providing a minimum distribution of 8,000 tests over the initial three-year term with an associated minimum cost to GTG of $200,000 over the term, inclusive of licencing fees and a percentage based fee per test paid to Taliaz. Subject to the regulatory clearance process, GTG anticipates that PREDICTIX will be made available for sale and distribution in Australia and New Zealand in Q3 FY21 on GTG’s existing Consumer Initiated Testing (CIT) platform, with end-customer pricing to be determined but anticipated to be in line with existing GTG product pricing.PREDICTIX, developed by the private Israeli company, Taliaz, addresses the growing burden on society from depression, with 1 in 10 Americans2 and 1 in 8 Australians3 prescribed antidepressants per year. PREDICTIX enables a more accurate and rapid treatment plan for patients suffering from depression, reducing treatment costs and the overall associated economic burden.PREDICTIX is an algorithmic-based decision support tool that can improve today’s antidepressant prescribing accuracy by 47%4. Combining DNA testing with AI, PREDICTIX empowers doctors to improve the assessment, treatment, and management of mental health disorders.The PREDICTIX technology uses AI to analyse multiple data streams, including patients’ genomic, clinical history and demographic background, providing doctors with a personalized patient report. The report ranks the statistical efficacy and potential side effects of various antidepressant medication based on each patient’s genetic makeup and health record. This helps doctors optimize prescribing decisions for patients diagnosed with depressive disorder, where there is currently a long and painful trial and error period. PREDICTIX is CE-registered and commercially available in the UK, France and Israel, with the process underway for TGA approval. Dekel Taliaz, CEO and Co-founder of Taliaz said, “We are excited to partner with Genetic Technologies, world-leaders in the genetic risk assessment space. This new partnership will support rapid commercialization of PREDICTIX to help more depression sufferers in Australia, New Zealand and the USA, while adding a complementary and advanced mental health solution to GTG’s growing suite of DNA tests.”The Agreement strengthens GTG’s mission in creating a suite of tests to enable a holistic and predictive health assessment for patients, which can be adjusted to address the individual patient risks and needs. Establishing the first product within the mental health and pharmacogenetic space continues GTG’s progress towards being able to offer a highly comprehensive suite of polygenic risk assessment tests via GTG’s CIT platform and additional sales and marketing avenues as these are progressed. This announcement was approved by the Board of Directors of Genetic Technologies Limited. Investor Relations (AUS)Investor Relations and Media (US)  Stephanie OttensDave Gentry Market Eye1 800 RED CHIP (733 2447)  M: +61 434 405 400Cell: 407 491 4498  E: stephanie.ottens@marketeye.com.auE: dave@redchip.com    Taliaz Contact  Marketing Manager  Viki Gronau  Taliaz  M: +972-54-258-7278  E: viki@taliazhealth.com  About Genetic Technologies LimitedGenetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.  For more information, please visit www.gtglabs.comAbout TaliazTaliaz is revolutionizing the treatment and management of mental health disorders with PREDICTIX. PREDICTIX is a CE-registered product that provides an advanced decision support software for psychiatrists and general practitioners. Harnessing artificial intelligence, PREDICTIX can enable easy, effective and rapid patient assessment, improved prescribing precision and management for a wide range of mental health conditions. Starting in the field of depression, the PREDICTIX Genetics and PREDICTIX Digital products can improve today’s prescribing accuracy by up to 47%4.For more information, please visit predictix.ai. 1. Pharmacogenomics is the study of how genes affect a person's response to drugs. This relatively new field combines pharmacology (the science of drugs) and genomics (the study of genes and their functions) to develop effective, safe medications and doses that will be tailored to a person's genetic makeup. 2. Source: https://www.health.harvard.edu/blog/astounding-increase-in-antidepressant-use-by-americans-201110203624 3. Source: https://www.psychwatchaustralia.com/post/1-in-8-over-3-million-australians-are-on-antidepressants-why-is-the-lucky-country-so-miserable:~:text=In%20the%202018%20financial%20year,SSRIs%20for%20depression%20or%20anxiety.&text=As%20shown%20in%20Table%201,antidepressant%2C%20in%202017%2D18. 4. Based on a retrospective analysis of STAR*D study medications versus current clinician treatment selection prescribing accuracy (Chekroud et al., 2016). STAR*D is one of the world’s largest prospective studies for optimal antidepressant administration.
01 Dec, 2020
We often see insiders buying up shares in companies that perform well over the long term. The flip side of that is...
23 Nov, 2020
MELBOURNE, Australia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE, “Company”) is pleased to announce an interview with its interim-CEO, Dr. Jerzy Muchnicki aired on The RedChip Money Report television program. The RedChip Money Report airs in 100 million homes on Sundays at 6 p.m. local time in every country in Europe on Bloomberg International. In the exclusive interview, Dr. Muchnicki discusses the Company’s innovative disease risk assessment tests for COVID-19, cancer, and more.To view the interview segment, please visit: https://youtu.be/l3w_9HDvewM“The RedChip Money Report" delivers insightful commentary on small cap investing, interviews with Wall Street analysts, financial book reviews, as well as featured interviews with executives of public companies.About Genetic Technologies LimitedGenetic Technologies Limited is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company's lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.For more information, please visit www.gtglabs.com Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to the Company’s anticipated use of proceeds and plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.FOR FURTHER INFORMATION PLEASE CONTACTInvestor Relations and Media (US) Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com
17 Nov, 2020
MELBOURNE, Australia, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE, “Company”) is pleased to announce its interim-CEO, Dr. Jerzy Muchnicki, will share insight into the company’s recent developments during an investor webinar on Thursday, November 19, 2020 at 4:15 p.m. ET. A live Q&A session with Dr. Muchnicki will follow the presentation. To participate in the webinar, please register at: https://www.redchip.com/corporate/webinar_register/78Questions can be pre-submitted to victor@redchip.com or on the website during the event.About Genetic Technologies LimitedGenetic Technologies Limited is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company's lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.For more information, please visit www.gtglabs.com Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to the Company’s anticipated use of proceeds and plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.FOR FURTHER INFORMATION PLEASE CONTACTInvestor Relations and Media (US) Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com
01 Oct, 2020
Molecular diagnostics company Genetic Technologies Ltd (ASX: GTG; NASDAQ: GENE, “Company”), provides the following update to the market on the development of the Company’s COVID-19 Risk Test. Genetic Technologies has outlined additional findings in relation to its COVID-19 Risk Test.
15 Sep, 2020
MELBOURNE, Australia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited (ASX: GTG, NASDAQ:GENE) (“Genetic Technologies” or the "Company") is developing a Polygenic Risk Score (PRS) test for COVID-19 which may enable an assessment of risk of an individual developing a serious disease should they contract the virus. The test is intended to predict ‘disease severity’ using a combination of genetic and clinical information. The Company is pleased to provide the following update on the test development program: * Completed development of a prototype Polygenic Risk Score * Completed development of a clinical risk model * Completed evaluation of the combined (clinical + polygenic) comprehensive risk model * Sourced cross validation data (expected late September / early October) * Filed provisional patent * Identified potential partner for pilot scale implementation study and commenced discussions * Completed preliminary analysis of “Workforce Management by Polygenetic Testing” Genetic Technologies utilized existing relationships with international biobanks and health studies to secure the requisite patient data to develop its COVID-19 Disease Severity Risk Test. The Company is extremely pleased with the early performance characteristics of the prototype test.  Crucial to the completion of the test is a cross validation of the model in an independent dataset. Although the State of Victoria in Australia has experienced a significant second wave of COVID-19 cases, the requisite data is not available locally at this time. To complete the test development process, the Company has sourced additional data from Europe that is expected to be available in late September / early October.The Company expects to submit the test validation studies for publication in the mainstream medical literature and make the data publicly available at the same time.Genetic Technologies has designed and ordered its first SNP (Single Nucleotide Polymorphism) array panel from US-based Thermo Fisher Scientific Inc, a world leader in genetic testing and GTG manufacturing partner for GeneType products. The first batch of prototype arrays are expected to be delivered to the Company’s laboratory during the week of September 21, 2020 and will be used to validate and verify the laboratory process prior to submission of the test for regulatory approval.As reported in the Company’s Quarterly Activities Report on July 29, 2020, the Company has held discussions to confirm procedural information with the Centres for Medicare and Medicaid Services (CMS) and National Association of testing Authorities, Australia (“NATA”) for regulatory Approval for the COVID-19 Disease Severity Risk Test in the United States and Australia.The submission of the technical file (to include scientific literature, algorithm validation, lab wet-work validation and laboratory procedural documentation) will be made to both organisations. Genetic Technologies has filed a provisional patent application for its COVID-19 Disease Severity Risk Test with IP Australia (2020901739 – Methods of assessing risk developing a severe response to Coronavirus infection). The provisional patent covers the specific SNP algorithm designed by the Company to calculate a PRS and the testing model that combines PRS and the clinical risk factors that together constitute the COVID-19 Disease Severity Risk Test.The test is intended to provide risk stratification information which may help personal and population management in two ways: * Providing risk stratification to guide quarantine measures on a personal, local, and national scale; and * Providing risk stratification to prioritise vaccination if and when a vaccine becomes availableIn preparation for the requirement to demonstrate supporting clinical utility of our approach, the Company has commenced a collaborative study to model the impacts on workforce protection through the use of the COVID-19 severity risk test. Employers cannot afford to close every time infections arise without significant damage to their businesses. The current modelling studies are designed to provide tailored workforce policies based on individual employee risk profiles provided by Genetic Technologies’ COVID-19 Disease Severity Risk Test.Genetic Technologies prototype COVID-19 test combining demographic factors, health indicators and polygenetic characteristics is able to identify individuals most at risk of hospitalisation if they are infected with COVID-19. Based on the characteristics of the prototype test, individuals in the top decile of polygenetic scores are more than three times as likely to require hospitalisation as those with average polygenetic scores. More accurate identification of individuals at highest risk could enable employers to tailor return to work and work at home policies that provide most protection. Modelling work undertaken by Sam Lovick Consulting using results from the prototype shows that tailored work from home policies based on the test, when combined with precautions against infection for home-based workers, could reduce workforce hospitalisations by between 20% and 65% (depending upon the proportion of home-based workers and the extent of infection in the community); a company with 10,000 employees could potentially reduce hospitalisations by 290 resulting in 10 fewer deaths.Preliminary discussions have been held with potential collaborating organizations to test this approach within a real workplace and will be announced in due course.On 11 September 2020 GTG announced that initial sales of its GeneType for Breast Cancer Risk Assessment commenced in the United States via an online health platform, elicity by InTeleLabs, an independent telehealth and personalised medicine company.The Company will now expand this online sales capability by making the COVID-19 Disease Severity Risk Test available to US customers, targeted as a Q4 2020 release.Dr George Muchnicki Acting CEO and Justyn Stedwell Company Secretary On behalf of the Board of Directors Genetic Technologies Limited +61 3 8412 7000Investor Relations and Media (US)Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com Australia Trevor Chappell WE Communications Email: tchappell@we-worldwide.com T: +61 407 933 43About Genetic Technologies LimitedGenetic Technologies Limited (ASX: GTG, NASDAQ:GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company's lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies has capacity for COVID-19 testing and is developing a pipeline of risk assessment products.For more information, please visit www.gtglabs.com.Forward-Looking StatementsThis press release may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
11 Sep, 2020
MELBOURNE, Australia, Sept. 11, 2020 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Ltd (ASX: GTG; NASDAQ: GENE, “Company”) is delighted to announce that initial sales of its GeneType for Breast Cancer Risk Assessment have now commenced in the United States via an online health platform, elicity by InTeleLabs, an independent telehealth and personalised medicine company. This portal is secure, Health Insurance Portability and Accountability Act (HIPAA)-compliant.The secure, Health Insurance Portability and Accountability Act (HIPAA)-compliant health platform enables women meeting the required criteria in the United States to purchase the test and receive results via telehealth clinicians. Its national network of clinical oversight for lab testing has made this groundbreaking Breast Cancer Risk Assessment Test very accessible, with the data-driven results enabling more women to discuss personalised preventative healthcare protocols with their physicians.GeneType for Breast Cancer is a disease risk prediction test that provides results that inform individuals if they are at low-, average- or high-risk of developing breast cancer. The test uses a patented combination of clinical risk factors and Polygenic Risk Score (PRS) to provide an estimate of the five-year and remaining lifetime risk of developing breast cancer.The test will be available in every State throughout the US, as the Company has CLIA certification for the sale and processing for all its lab-derived tests. GeneType for Breast Cancer will sell for US$249 and include the telemedicine consultations through InTeleLabs.Most tests currently available on the market are for women who have a family history of breast cancer, however 85 per cent of women have no family history of breast cancer, according to the American Society of Clinical Oncology. Further to this, 10 per cent have a family history but no pathogenic variants, such as BRCA [Cancer.Net, July 2020].“The Company’s GeneType for Breast Cancer is uniquely positioned to provide risk assessment to the general population—not just for women at hereditary risk. Our goal was always to give individuals unprecedented access to their own genetic data to understand their health risks and take a more proactive approach to prevention,” said Genetic Technologies CEO Dr George Muchnicki. “GeneType for Breast Cancer outperforms current standard risk assessment tools, giving clinicians and patients a better way to identify at-risk women for additional breast cancer screening and prevention options. Making this test available via telehealth clinicians gives individuals interested in risk assessment another avenue for access.”Once a woman is qualified by an independent telehealth clinician, a buccal swab kit (cheek swab) is sent directly to her home. After her results are in, telehealth clinicians provide post-test consultations to deliver the breast cancer risk assessment results and provide additional support for those who require referrals for appropriate downstream care. Women interested in purchasing GeneType for Breast Cancer may do so through gtglabs.com/breast-cancer or elicity.health/our-tests/details/breast-cancer-risk.“COVID-19 has deterred many women from seeking out standard check-ups, with mammography screening down since March,” said Dr Muchnicki. “While we suggest all women maintain their routine mammogram appointments, women who are still not comfortable scheduling their appointment, or clinics with an extremely long waitlist as they ramp back up, risk assessment can be a valuable tool to identify women who are at increased risk of breast cancer. GeneType for Breast Cancer should never be used as a mammogram-replacement, only as an additional tool to help individuals build a more comprehensive understanding of their own risk of developing the disease.”In addition to GeneType for Breast Cancer, GeneType for Colorectal Cancer will also be available through the third-party online platform as well as a pipeline of tests to follow.Genetic Technologies plans on launching its own online, telehealth-supported system to deliver its GeneType products to Australians.The Company intends to make its COVID-19 Severity Risk Test available through both online platforms, once complete.For further information, please visit: https://genetype.com/for-patients/breast-cancer-questionnaire/.Dr George Muchnicki Acting CEO and Justyn Stedwell Company Secretary On behalf of the Board of Directors Genetic Technologies Limited +61 3 9412 7000About Genetic Technologies LimitedGenetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products.For more information, please visit www.gtglabs.com.Forward-Looking StatementsThis press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control.  The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Investor Relations and Media (US)Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com
01 Sep, 2020
MELBOURNE, Australia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, is pleased to announce that it received notification from the Listing Qualifications Department of the Nasdaq Stock Market indicating that the Company has met the minimum stockholders equity requirement set forth in Listing Rule 5550(b)(1). Nasdaq has determined that the Company complies with Listing Rule 5550(b)(1), which requires a stockholders’ equity of $2.5 million. Since April 2020, Genetic Technologies has raised an aggregate of $16.37 million through offerings of its American Depositary Shares, and as a result, as of August 28, 2020, it has US GAAP stockholders’ equity in excess of $2.5 million.Accordingly, the Company's American Depositary Shares will continue to be listed on The Nasdaq Capital Market and Nasdaq considers the matter closed.About Genetic Technologies LimitedGenetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.Genetic Technologies has capacity for Covid-19 testing and is developing a pipeline of risk assessment products.For more information, please visit www.gtglabs.com.Forward-Looking StatementsThis press release may contain forward-looking statements about the Company’s expectations, beliefs or intentions regarding, among other things, statements regarding the offering, the expected gross proceeds and the expected closing of the offering. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company’s filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control.  The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Investor Relations and Media (US) Dave Gentry, CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498 dave@redchip.com
21 Jul, 2020
MELBOURNE, Australia, July 20, 2020 -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests,.
16 Jul, 2020
MELBOURNE, Australia, July 16, 2020 -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests,.