Genetic Technologies Secures US and ANZ Distribution Rights for PREDICTIX
December 02 2020 - 9:00AM
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 years
The 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
Ottens |
Dave
Gentry |
Market
Eye |
1 800 RED
CHIP (733 2447) |
M: +61 434
405 400 |
Cell: 407
491 4498 |
E:
stephanie.ottens@marketeye.com.au |
E:
dave@redchip.com |
|
|
Taliaz Contact |
|
Marketing
Manager |
|
Viki
Gronau |
|
Taliaz |
|
M:
+972-54-258-7278 |
|
E:
viki@taliazhealth.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 Taliaz
Taliaz 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.
- 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.
- Source:
https://www.health.harvard.edu/blog/astounding-increase-in-antidepressant-use-by-americans-201110203624
- 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.
- 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.
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