Genetic Technologies Provides Shareholder Update on Recent Achievements and Upcoming Milestones
November 05 2019 - 7:00AM
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE,
“Company”), a diversified molecular diagnostics company,
announced today an update to shareholders on recent achievements
and upcoming milestones.
As a result of the successful $4.5 million capital raise from
existing shareholders, together with participation from domestic
institutional and family office investors, the Company is now in
compliance with Nasdaq listing requirements.
The funds raised also position the Company to commence sales of
its latest breast cancer and colorectal cancer risk assessment
tests in both the U.S. and Australia.
“We remain committed to our mission of developing and
commercializing genetic risk assessment technologies for physicians
and individuals for the prevention and early detection of chronic
disease,” commented Dr. Jerzy Mechnicki, interim-CEO of Genetic
Technologies. “In line with this, we have progressed our
go-to-market GeneType programs for breast cancer and colorectal
cancer.”
The Company’s recently launched GeneType for Breast Cancer
product increases the range of risk factors analyzed compared to
prior tests, providing world-leading, clinically actionable insight
for medical practitioners and genetic counsellors representing 95%
of women.
The Company also launched its GeneType for Colorectal Cancer
product, a first-to-market genetic risk assessment test for
colorectal cancer. More than 145,000 new colorectal cancer cases
are diagnosed annually in the U.S.
Development of additional GeneType genetic risk assessment tests
for cardiovascular disease, Type 2 diabetes, prostate cancer, and
melanoma is progressing, with the entire suite of tests expected to
launch before the end of 2020.
As part of its development and commercialization strategy, the
Company has signed a three-year collaboration agreement with The
Translational Genomics Research Institute (TGen) of Phoenix,
Arizona, a non-profit biomedical research organization dedicated to
conducting ground-breaking research with life-changing results.
Under the terms of the agreement, Genetic Technologies and TGen
will collaborate in the design feasibility analysis of clinical
research studies to support the clinical application of the
Company’s polygenic risk tests.
The initial focus of the studies will be the clinical utility of
the GeneType Breast Cancer and GeneType Colorectal Cancer risk
tests developed by the Company, with the goal of demonstrating the
value of these tests for clinicians when assessing individual risk
profiles.
Once completed, it is expected that these studies will provide
strong clinical evidence to support the use of the Company’s
polygenic risk tests as an important routine tool in predicting
individual disease risk, assisting clinicians in the development of
individual risk management programs for improved prevention and
treatment of these diseases.
To better align the Company with its core testing platform and
extensive pipeline of tests under the GeneType brand, a proposal to
change the Company’s name to GeneType Limited will be voted upon at
the Annual General Meeting in November.
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 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
Statements
Certain 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 CONTACT
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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