MELBOURNE, Australia, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE, “Company”), a diversified molecular diagnostics company, announced today an update to shareholders on recent achievements and upcoming milestones.
As a result of the successful $4.5 million capital raise from existing shareholders, together with participation from domestic institutional and family office investors, the Company is now in compliance with Nasdaq listing requirements.
The funds raised also position the Company to commence sales of its latest breast cancer and colorectal cancer risk assessment tests in both the U.S. and Australia.
“We remain committed to our mission of developing and commercializing genetic risk assessment technologies for physicians and individuals for the prevention and early detection of chronic disease,” commented Dr. Jerzy Mechnicki, interim-CEO of Genetic Technologies. “In line with this, we have progressed our go-to-market GeneType programs for breast cancer and colorectal cancer.”
The Company’s recently launched GeneType for Breast Cancer product increases the range of risk factors analyzed compared to prior tests, providing world-leading, clinically actionable insight for medical practitioners and genetic counsellors representing 95% of women.
The Company also launched its GeneType for Colorectal Cancer product, a first-to-market genetic risk assessment test for colorectal cancer. More than 145,000 new colorectal cancer cases are diagnosed annually in the U.S.
Development of additional GeneType genetic risk assessment tests for cardiovascular disease, Type 2 diabetes, prostate cancer, and melanoma is progressing, with the entire suite of tests expected to launch before the end of 2020.
As part of its development and commercialization strategy, the Company has signed a three-year collaboration agreement with The Translational Genomics Research Institute (TGen) of Phoenix, Arizona, a non-profit biomedical research organization dedicated to conducting ground-breaking research with life-changing results.
Under the terms of the agreement, Genetic Technologies and TGen will collaborate in the design feasibility analysis of clinical research studies to support the clinical application of the Company’s polygenic risk tests.
The initial focus of the studies will be the clinical utility of the GeneType Breast Cancer and GeneType Colorectal Cancer risk tests developed by the Company, with the goal of demonstrating the value of these tests for clinicians when assessing individual risk profiles.
Once completed, it is expected that these studies will provide strong clinical evidence to support the use of the Company’s polygenic risk tests as an important routine tool in predicting individual disease risk, assisting clinicians in the development of individual risk management programs for improved prevention and treatment of these diseases.
To better align the Company with its core testing platform and extensive pipeline of tests under the GeneType brand, a proposal to change the Company’s name to GeneType Limited will be voted upon at the Annual General Meeting in November.
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
Office: 1 800 RED CHIP (733 2447)
Cell: US 407 491 4498