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Genetic Technologies Files Quarterly Activities Report and ASX Appendix 4C for Quarter Ended December 31, 2011
MELBOURNE, AUSTRALIA, Jan 31, 2012 (MARKETWIRE via COMTEX) --
Genetic Technologies Limited (NASDAQ: GENE) (ASX: GTG) today
announced it has filed its Quarterly Activities Report and Appendix
4C for period ending December 31, 2011 in accordance with the ASX.
Total cash receipts from customers were $1.45 million for the quarter
ended December 31 and $3.80 million for the first half ended on that
date. Total cash balance as of December 31, 2011 was $12.58 million.
Gross revenues generated by the Company's Australian testing
operations were ahead of budget for the first half of the 2012
financial year. The Company's IP estate, including patents acquired
from Perlegen Sciences, now includes 140 patents granted and a
further 108 pending, including those granted during the quarter.
The Company also provided an update on the June 2011 soft launch of
BREVAGen(TM), its breast cancer risk test in the U.S. As a result of
a successful inspection of the Company's laboratory in Victoria,
Australia by the Centers for Medicare and Medicaid Services (CMS), a
Certificate of Compliance is anticipated to be issued during the
first quarter of the 2012. Following the granting of this Certificate
and the lodgement of procedural out of state licensure forms,
BREVAGen(TM) will be available for sale in an additional six states
across the United States, bringing the total to 49, including the key
healthcare markets of California and Florida. Beginning in the first
half of 2012, the Company plans to initiate a further validation
study in Hispanic women aged 35 and older. This new study will also
expand the panel of genetic markers associated with breast cancer in
this target population.
"I am encouraged by the uptake of BREVAGen(TM) in the initial
markets," commented Dr. Paul MacLeman, GTG's Chief Executive Officer.
"The feedback we have received from early adopters has been very
favorable with physicians citing benefits of ease of use and test
interpretation, as well as enhanced patient monitoring and improved
health outcomes. We look forward to the upcoming launches in key
markets, as well as extending BREVAGen's(TM) role to include the
Hispanic populations."
Both the Quarterly Report and Appendix 4C have been released to the
ASX and NASDAQ. Full text and financial information is available at
www.sec.gov, www.asx.com.au and www.gtgcorporate.com.
About BREVAGen(TM)
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 at intermediate risk of
developing 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 www.gtglabs.com.
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
Dr. Paul D R MacLeman
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000
Rudi Michelson (Australia)
Monsoon Communications
(03) 9620 3333
Bruce Likly (USA)
Kovak Likly Communications
(203) 762.8833
SOURCE: Genetic Technologies
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