VICTORIA, Australia,
June 20, 2011 /PRNewswire/ -- Genetic
Technologies Limited (ASX: GTG; NASDAQ: GENE), through its North
American division, Phenogen Sciences Inc., has launched the new
BREVAGen™ genetic test for assessing non-familial breast cancer
risk.
Phenogen Sciences will target its promotion campaign on women's
health clinics in over 20 US metro-markets. The company has
deployed its sales force to service select markets based on high
volume use of the BRCA genetic test, currently available for the
rarer familial form of breast cancer. The BREVAGen™ test has
an attractive gross margin and an estimated addressable market in
excess of $600 million per annum in
the US.
"The US launch of BREVAGen™ is the culmination of substantial
investment in development encompassing large scale genomic
investigations and substantial support in medical literature.
It is the first phase of the company's five year strategy to
build a global cancer diagnostics business," said Dr. Paul MacLeman, CEO.
"Over this same period, GTG's core business has been
streamlined; cutting costs, culling poor performing products and
delivering its maiden half year profit. GTG has a clear focus
on providing the best possible cancer diagnostics in major world
markets. The US launch of BREVAGen™ follows the establishment
of core commercial capability in the US and the achievement of CLIA
certification for the company's now globally accredited
laboratory."
"GTG is now also actively assessing new synergistic M&A
opportunities with a view to a possible transaction during the
coming financial year."
The new BREVAGen™ genetic test will be combined with individual
risk factors to assess a patient's five-year and lifetime risk for
the more frequent forms of sporadic/non-hereditary breast cancer
that represent over 90 per cent of all breast cancer cases in the
US.
"BREVAGen™ represents an important advance towards identifying
more women who may be at increased risk for developing
non-hereditary breast cancer," said Burton
S. Brodsky, MD, a practicing OBGYN physician and senior
partner at the prestigious da Vinci Obstetrics & Gynecology
clinic located in Detroit,
Michigan.
Over coming months women's health clinics will begin using
BREVAGen™ tests to collect genetic samples via a simple cheek swab
and submit these to GTG's CLIA-certified Melbourne laboratory. Within 2-3 weeks
of a swab, physicians will receive a comprehensive and confidential
report assessing a patient's risk based on genetic and individual
risk factors. This will enable the health care provider to
develop a more personalized breast cancer prevention plan than has
previously been possible.
"We are excited to introduce BREVAGen™ here in the United States and believe this new
predictive risk test will significantly enhance a healthcare
provider's breast cancer prevention strategy," stated Lewis Stuart, President and General Manager for
Phenogen Sciences Inc.
About BREVAGen™
The BREVAGen™ breast cancer risk stratification test is a novel
genetic test panel that examines a patient's blood sample to detect
the absence or presence of certain common genetic variations (SNPs)
associated with an increased risk for developing breast cancer. The
test is designed to help physicians assess aggregate breast cancer
risk from these genetic markers, plus factors from a standard
clinical assessment based on a patient's family and personal
history, thus giving a clearer picture of an individual woman's
risk of developing breast cancer. The BREVAGen(TM) test may be
especially useful for women at intermediate risk of developing
breast cancer, including those who have undergone breast biopsies,
as the test will provide information that can help physicians
recommend alternative courses of action, such as more vigilant,
targeted surveillance or preventive therapy, on a personalized
patient-by-patient basis.
About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognizing
important new applications for "non-coding" DNA (Deoxyribonucleic
Acid). The Company has since been granted patents in 24
countries around the world, securing intellectual property rights
for particular uses of non-coding DNA in genetic analysis and gene
mapping across all genes in all species. Its business
strategy is the global commercialization of its patents through an
active out-licensing program and the global expansion of its
oncology and cancer management diagnostics portfolio. Genetic
Technologies is an ASX and NASDAQ listed company with operations in
the USA and Australia. For more information, please visit
www.gtglabs.com.
Safe Harbor Statement
Any statements in this press release that relate to the
Company's expectations are forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act The
Private Securities Litigation Reform Act of 1995 (PSLRA)
implemented several significant substantive changes affecting
certain cases brought under the federal securities laws, including
changes related to pleading, discovery, liability, class
representation and awards fees and of 1995. Since this
information may involve risks and uncertainties and are subject to
change at any time, the Company's actual results may differ
materially from expected results. Additional risks associated with
Genetic Technologies' business can be found in its periodic filings
with the SEC.
FOR FURTHER INFORMATION PLEASE
CONTACT
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Dr. Paul D. R.
MacLeman
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Rudi Michelson
(Australia)
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Seth Lewis (USA)
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Chief Executive
Officer
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Monsoon
Communications
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Trout Group Inc.
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Genetic Technologies
Limited
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(03) 9620
3333
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(646) 378
2952
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Phone: +61 3 8412
7000
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SOURCE Genetic Technologies Limited