Genetic Technologies - Accelerated development of new COVID-19 Polygenic Risk Test for Risk of Developing Life-Threatening Co...
May 20 2020 - 9:15AM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) is to
commence accelerating development of a polygenic risk score (PRS)
test to predict an individual’s risk of developing life-threatening
complications should they become infected with COVID-19.
Dr George Muchnicki CEO said
"GENE has secured a data set of over 1,500 patients who experienced
COVID-19 and we intend on leveraging our core expertise in
predictive risk modelling, to analyse the early, available genomic
and phenotypic data from those COVID-19 patients with a view to
developing a comprehensive predictive model to identify those
patients most likely to require hospitalization, should they become
infected with the COVID-19 virus."
Dr Richard Allman Chief Scientific
Officer said "Our core-strength is in the design and
construction of novel risk algorithms for common, complex diseases.
We anticipate that the design of a new predictive test will utilize
similar concepts to those used in our existing core GeneType risk
assessment products. We are fast-tracking analysis of the data set
we have received and then we are commencing the development process
with the aim of having sufficient understanding of that data to
develop and validate a prototype test in the shortest time period
possible. Of course until we complete that analysis there is no
guarantee that the genetic markers we are looking for will provide
sufficient statistical evidence to support predictive risk
modelling test."
Dr George Muchnicki "We
anticipate approximately 3 month development timeline for the
review of that data and the potential design of a predictive risk
model and then we would need to obtain CLIA and potentially other
approvals of the laboratory derived test."
About new predictive risk
modelling
Development of a new predictive COVID-19 test
carries substantial risks and there is no guarantee that GENE will
be able to successfully produce a test that allows for the
assessment of predictive risk in a timely manner, if at all.
Additionally, an effective test depends upon the ability to rapidly
produce the test results. Further if COVID-19 is effectively
contained or the risk of infection is materially diminished or
eliminated - there may be no demand for a predictive modelling of
COVID-19. Please note that a commercial COVID-19 predictive test is
subject to regulation in the USA by CLIA and other domestic and
international governmental, public health agencies, regulatory
bodies or non-governmental organizations. The process of obtaining
required approvals or clearances for a potential new product varies
according to the nature of and uses for a specific product.
About Genetic Technologies
Limited
Genetic Technologies Limited is a diversified
molecular diagnostics company which 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.
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
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