Genetic Technologies Limited is pleased to announce the full commissioning of its Australian Laboratory for the provisioning of its generation 3 breast cancer test with sales to commence in Q1, 2020.
MELBOURNE, Australia, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE, “Company”) is pleased to announce the full commissioning of its Australian Laboratory for the provisioning of its generation 3 breast cancer test with sales to commence in Q1, 2020.
Genetype for Breast Cancer is the world first Genomic test to accurately predict risk of disease by combining the information contained in your DNA with family history and mammography data to create a powerful new tool in the battle with breast cancer. Our tests can accurately identify low risk individuals (as low as 1/5 of average risk) as well as high risk individuals (up to 5 times average risk). Unlike BRCA gene testing which is used to detect the 1 in 400 women who carry this cancer associated genetic mutation, Genetype for Breast Cancer is relevant for the better management of 95% of all Breast cancers which are referred to as sporadic (or non-familial) and is ideally suited to be the first line test in a preventative medical genomic based health system. Our tests are designed to complement current screening and not replace them. By starting testing at the age of 35 Genetype is able to help identify some of the 20% of breast cancers that occur before the age of 50, the age at which government sponsored testing begins. In addition, Genetype’s platform technology is able to help identify interval cancers by the targeted increased screening of high-risk individuals (Interval cancers typically strike between the current 2 yearly screening cycles and may represent as many as 25% of all new cancers).
The first phase of sales and the integration of Genomics into our health system will allow early adopters to be offered the test in a medically supervised and integrated environment. Low and normal risk individuals will continue to be managed as per current government sanctioned screening schedule i.e. 2 yearly mammograms from the age of 50. High risk individuals will be referred to screening centres where they will be offered a personalised service subject to their risk. High risk can be managed successfully by modifying lifestyle and increasing cancer screening. Down the line, increased vigilance may prompt doctors to recommend further steps such as the prescription of chemoprophylactics or preemptive surgery.
We are currently looking to secure 6 clinics in Victoria and the same number in NSW where our test kits can be purchased and the tests performed. We have commenced discussions with such groups and intend to announce the sites where our tests will be available at launch in Q1 2020. Our first 12 clinical sites will demonstrate utility, with special emphasis on risk stratification, reimbursement, distribution and most importantly user experience.
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 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
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to the Company’s anticipated use of proceeds and plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
FOR FURTHER INFORMATION PLEASE CONTACT
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
