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Genetic Technologies Limited (GTG.AX) Provides Update on Board and Management Changes


11/29/2012 9:17:56 AM

MELBOURNE, AUSTRALIA--(Marketwire - November 29, 2012) - Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) announced today the appointment of Dr. Mal Brandon to the position of Chairman. In addition, Ms. Alison Mew, the Company's Chief Operating Officer will now serve as Acting Chief Executive Officer and Mr. Tom Howitt will continue in his role as Chief Financial Officer. These appointments follow the departure of Directors, Dr. Mel Bridges, Mr. Huw Jones and Mr. Greg Brown along with Dr. Paul MacLeman, Chief Executive Officer.

"On behalf of the Board and management team, I wish to extend our gratitude to the departing Directors for their service and, in particular, to Paul MacLeman who was integral in transforming Genetic Technologies into a commercial stage women's health company. Moving forward, the strategy for corporate growth remains unchanged as we continue to ramp-up BREVAGen sales and our overall U.S. operations while driving the Company's successful global licensing program," commented Dr. Mal Brandon, Chairman of Genetic Technologies.

The departure of the aforementioned Directors and Chief Executive Officer was announced on November 27th as part of the Company's Annual General Meeting results held on November 26th in Melbourne, Australia.

About BREVAGen™
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient's DNA 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™ test may be especially useful for women predisposed to hormone dependant 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. For more information, please visit http://www.brevagen.com, or http://www.brevagen.com.au

About Genetic Technologies Limited
Genetic Technologies is an established diagnostics company with more than 20 years of experience in commercializing genetic testing, non-coding DNA and product patenting. The Company has operations in Australia and the U.S. and is dual-listed on the ASX (GTG.AX) and NASDAQ (GENE). Genetic Technologies is focused on the commercialization of its patent portfolio through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics assets. Its U.S. subsidiary, Phenogen Sciences, offers novel predictive testing and assessment tools to help physicians proactively manage women's health. Phenogen's lead product, BREVAGen™, is a first in class, clinically validated risk assessment test for non-familial breast cancer. For more information, please visit http://www.gtglabs.com, or http://www.phenogensciences.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. 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
Tom Howitt
Chief Financial Officer
Genetic Technologies Limited
Phone: +61 3 8412 7050

Rudi Michelson (Australia)
Monsoon Communications
(03) 9620 3333

Laura Landry (USA)
Blueprint Life Science Group
+1 (415) 375.3340 Ext. 103


Read at BioSpace.com


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