Genetic Technologies Limited Announces Market Update on Sales, Early Test Results and Launch of Consumer Initiated Testing
April 01 2020 - 9:00AM
Molecular diagnostics company Genetic Technologies Limited (ASX:
GTG; NASDAQ: GENE, “Company”), provides the following update to the
market.
- Breast Cancer and Colorectal Cancer tests commissioned, and
sales commenced First Quarter 2020 with over 100 test kits
distributed.
- Early data generated from tests identified a number of
high-risk individuals leading to personalised care plans designed
for early detection
- Consumer Initiated Testing (CIT) via online and telemedicine to
achieve mass market penetration and conserve scarce practitioner
resources and implements social distancing
Colorectal test sales
commence
As announced to the market on 31 January 2020,
the Company has fully commissioned its Australian Laboratory for
the provisioning of its generation 3 breast cancer test (GeneType
for Breast Cancer), with sales having commenced during the quarter.
We are pleased to report that this is now accompanied by the
first-to-market GeneType for Colorectal Cancer test with sales also
having now commenced.
Medical practitioner
support
Both tests have been well received by medical
practitioners, with over 15 clinics in Australia having agreed to
offer the GeneType portfolio of tests. Overall, in excess of 100
test kits having been requested and approximately half of those
samples have been received into the Melbourne laboratory during the
first 4 weeks on market.
High risk breast cancer patients
detected
An interim analysis of those patients who
received the GeneType for Breast Cancer test in Australia has
revealed that 4 patients have already been identified as
potentially being at high risk of developing breast cancer. It is
highly significant that these patients were not eligible for
hereditary mutation testing and would not have been identified as
high risk during routine health checks.
Clinical utility and reimbursement initiatives
Genetic Technologies continues to progress its in-house R&D
program in support of the tests. Data derived from large scale
cohort studies, have confirmed that both the discrimination and
calibration of both GeneType tests are excellent and set the stage
for progressing our plans to develop clinical utility evidence in
support of our reimbursement strategy.
Clinical utility studies have been designed to
support both the breast and colorectal cancer tests and the Company
is currently engaging with potential clinical collaborators to
complete these studies at the earliest opportunity. As alluded to
above, the evidence is building that the GeneType tests have the
potential to personalize individual screening recommendations.
Tele-health and Consumer Initiated
testing to relieve practitioner stress and opens access to Mass
consumer markets
Notwithstanding the above, the Company is taking
an aggressive and pro-active response to the current COVID-19
pandemic. In light of world-wide recommendations on social
distancing, which is impacting on our ability to fully engage with
physicians, we have brought forward our plans to introduce a
Consumer Initiated Testing (CIT) Platform. The Company is in the
final stages of choosing an independent provider network who will
oversee patient ordering of the consumer-initiated testing (CIT)
pipeline. This sales pipeline deviates from a traditional sales
approach that targets clinicians and instead allows patients to
request a test directly, with clinician oversight of the testing
process through an independent provider network and telemedicine.
When a consumer is interested in purchasing a GeneType product, a
clinician from this independent network will review the patient
health history before confirming whether or not the patient may
proceed with testing. The independent clinician will then order the
test for the patient and will also review the final test results
prior to delivering them back to the patient
In an age where primary care clinicians are
overburdened by large patient volume and thus restricted to short
clinical visits, certain disease risk assessments are often
overlooked, particularly if the patient is asymptomatic, or
visually “healthy”.
The current push to adopt telemedicine as
recently announced by Australia’s minister for Health Minister Greg
Hunt is exactly on point with GTG’s CIT platform strategy and has
been in development by GTG over the past 3 months.
Personalized proactive approach to
health
Understanding a patient’s risk of developing
disease can lead to earlier screening, more frequent and
alternative surveillance methods, options for risk-reducing
medications, and at the very least, some suggested lifestyle
changes. However, in order to be proactive about screening and
prevention measures, patients and physicians alike, must understand
the patient’s risk of developing disease. By allowing our GeneType
risk assessment product lines to be requested via CIT, we are
enabling a patient to take a proactive approach to his/her
healthcare.
Dr George Muchnicki Acting CEO and Justyn
Stedwell Company Secretary On behalf of the Board of Directors
Genetic Technologies Limited +61 3 9412 7000
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 and Media (US) Dave Gentry,
CEO RedChip Companies Office: 1 800 RED CHIP (733 2447) Cell: US
407 491 4498 dave@redchip.com
Caution Regarding Forward-Looking
Statements
This press release contains “forward-looking
statements” Words such as “may,” “should,” “could,” “would,”
“predicts,” “potential,” “continue,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” and similar
expressions, as well as statements in future tense, often signify
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will be
achieved. Forward-looking statements are based on information that
the Company has when those statements are made or management’s good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. The Company assumes
no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise.
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