Genetic Technologies Announces Financial Results for Half-Year Ended 31
MELBOURNE, AUSTRALIA -- (Marketwire) -- 02/22/13 -- Genetic
Technologies Limited (ASX: GTG) (NASDAQ: GENE)
-- Increases in BREVAGen(TM) samples received demonstrate clear market
-- Encouraging early results achieved in the new molecular diagnostics
-- Increased licensing revenues show renewed success from global
Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) today announced
its financial results for the first half of the Company's fiscal year
ending 30 June 2013. The Company reported a total comprehensive loss
of $3.7 million for the period, which compares to a loss of $3.3
million for the corresponding prior period. The Company's cash
position as of 31 December 2012 totalled $5.9 million.
Of particular note during the period, the Company saw a marked
improvement in the number of samples received for BREVAGen(TM), its
flagship non-familial breast cancer risk assessment test. The 2013
half-year delivered 546 samples for testing, representing an increase
of nearly 240% over the corresponding prior period and more than 30%
over the number received for the entire previous twelve-month period,
demonstrating increasing traction in the market. Further, the Company
noted a significant improvement in the number of samples received in
the December quarter (368), more than double those received in the
preceding September quarter (178).
The achievement of "Out of State Licensure" for the key states of
Florida and California during the period was a milestone achievement,
enabling access to significant new markets for the test. The Company
expects to receive approval to launch the test in New York State
during the fourth quarter of 2013. Once achieved, BREVAGen(TM) will
be approved for sale in all 50 U.S. States.
1 January 2013 marked a material change in the U.S. reimbursement
environment for molecular diagnostics, resulting in the removal of
the CPT code stack system for insurance claims. In response, the
Company has initiated strategies to maintain the positive performance
of the reimbursement program achieved to date.
"We are very pleased with the increased traction for BREVAGen(TM)
that has been demonstrated through refinements in messaging and sales
channel management since the appointment of Mark Ostrowski as Senior
VP Sales and Marketing in September," said Alison Mew, Chief
Executive Officer of Genetic Technologies. "Mark brings to the
Company a wealth of experience from his time at Myriad Genetics and
he has already applied a number of important initiatives to enhance
the BREVAGen(TM) selling process and maximize our market
effectiveness. In response to recent changes made to reimbursement
guidelines in the U.S., I am pleased that the initiatives we have put
in place to address levels of reimbursement received and timeline of
claims adjudication have delivered encouraging results thus far."
Revenues generated by the Company's global out-licensing program for
the half-year under review were more than doubled those of the
half-year period ended 31 December 2011, and materially exceeded the
revenues generated by the program for the full 2012 financial year.
Importantly, recent changes to the program have streamlined the
Company's operations and established new arrangements under which the
Company's share of future licensing revenues will increase. It is
anticipated that this renewed momentum will continue into the second
half of the current financial year resulting in additional licenses
to the Company's non-coding technology being granted.
The BREVAGen(TM) 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(TM)
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.
About Genetic Technologies Limited
Genetic Technologies was an early
pioneer in recognizing important new applications for "non-coding"
DNA (Deoxyribonucleic Acid). The Company has since been granted
patents in 24 countries around the world, securing intellectual
property rights for particular uses of non-coding DNA in genetic
analysis and gene mapping across all genes in all species. Its
business strategy is the global commercialization of its patents
through an active out-licensing program and the global expansion of
its oncology and cancer management diagnostics portfolio. Genetic
Technologies is an ASX and NASDAQ listed company with operations in
the USA and Australia. For more information, please visit
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 and of 1995. 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
Ms. Alison J. Mew
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000
Laura Forman (USA)
Blueprint Life Science Group
+1 (415) 375 3340, Ext. 103
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