COVID-19 Testing Capacity at Genetic Technologies Accredited LaboratoryTemporary transition to high throughput COVID-19 testing
MELBOURNE, Australia, April 17, 2020 (GLOBE NEWSWIRE) -- 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 Statements
This 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
