COVID-19 Testing Capacity at Genetic Technologies Accredited Laboratory
April 17 2020 - 8:00AM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”) has developed a detailed implementation plan to enable a
temporary transition of our genetic testing laboratory to a
high-throughput COVID-19 testing laboratory, should it be required
by Government agencies to assist with demand. Initial work to
identify laboratory workflows, instrument modification, laboratory
compliance for biologics and contaminated materials handling has
commenced. Secure supply chain of test reagents has been confirmed.
This COVID-19 testing implementation plan has
been developed as a result of the Company’s expectation of an
increase in demand for COVID-19 testing and is not based on any
existing agreement to provide COVID-19 testing. The Company
currently has clear capacity to provide additional testing services
and the proposed transition of our genetic testing laboratory to a
high-throughput COVID-19 testing laboratory will not negatively
impact the Company’s capacity to continue its current testing
activities.
NATA and CLIA Lab for USA and Australian
Markets
GTG has a fully NATA and CLIA accredited
laboratory which places it in a unique position to service both the
Australian and the USA markets subject to regulatory approvals.
Utilizing current equipment GTG already owns and is in operation we
are in a position to conduct approximately 360,000 tests per annum
with the potential to double output as required. Application has
been made to Medicare to enable the Company to secure a rebate for
tests conducted.
Transition subject to Government and
Community needs
Dr. George Muchnicki, interim CEO, commented,
"We are prepared to transition our laboratory for the purpose of
fighting the COVID-19 Pandemic subject to Government and Community
needs."
Consumer initiated sales for existing
pipeline
As announced to the market on 1st April 2020, 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. 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.
The Company has now commenced negotiations with its preferred
independent provider network who will oversee patient ordering of
the CIT pipeline and we expect to announce a binding agreement
within the coming month.
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.
Forward-Looking StatementsThis
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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