Genetic Technologies - Accelerated development of new COVID-19 Polygenic Risk Test for Risk of Developing Life-Threatening Complications

MELBOURNE, Australia, May 20, 2020 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) is to commence accelerating development of a polygenic risk score (PRS) test to predict an individual’s risk of developing life-threatening complications should they become infected with COVID-19.

Dr George Muchnicki CEO said "GENE has secured a data set of over 1,500 patients who experienced COVID-19 and we intend on leveraging our core expertise in predictive risk modelling, to analyse the early, available genomic and phenotypic data from those COVID-19 patients with a view to developing a comprehensive predictive model to identify those patients most likely to require hospitalization, should they become infected with the COVID-19 virus."

Dr Richard Allman Chief Scientific Officer said "Our core-strength is in the design and construction of novel risk algorithms for common, complex diseases. We anticipate that the design of a new predictive test will utilize similar concepts to those used in our existing core GeneType risk assessment products. We are fast-tracking analysis of the data set we have received and then we are commencing the development process with the aim of having sufficient understanding of that data to develop and validate a prototype test in the shortest time period possible. Of course until we complete that analysis there is no guarantee that the genetic markers we are looking for will provide sufficient statistical evidence to support predictive risk modelling test."

Dr George Muchnicki "We anticipate approximately 3 month development timeline for the review of that data and the potential design of a predictive risk model and then we would need to obtain CLIA and potentially other approvals of the laboratory derived test." 

About new predictive risk modelling

Development of a new predictive COVID-19 test carries substantial risks and there is no guarantee that GENE will be able to successfully produce a test that allows for the assessment of predictive risk in a timely manner, if at all. Additionally, an effective test depends upon the ability to rapidly produce the test results. Further if COVID-19 is effectively contained or the risk of infection is materially diminished or eliminated - there may be no demand for a predictive modelling of COVID-19. Please note that a commercial COVID-19 predictive test is subject to regulation in the USA by CLIA and other domestic and international governmental, public health agencies, regulatory bodies or non-governmental organizations. The process of obtaining required approvals or clearances for a potential new product varies according to the nature of and uses for a specific product.

About Genetic Technologies Limited

Genetic Technologies Limited is a diversified molecular diagnostics company which 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.

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.

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