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Genetic Technologies Provides Business UpdateMELBOURNE, Australia, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE,”Company”, “GTG”), a global leader in guideline-driven genomics-based tests in health, wellness and serious diseases, is pleased to provide the following business update for the first half of the 2023 financial year. Operating in the multibillion dollar predictive and consumer genomics markets, GTG has achieved five consecutive quarters of growth. Our portfolio features the most comprehensive genetic solutions for the modern medical challenges. Our presence is building, now operating in more than 40 countries with more than 50 tests on offer via our global network of partner laboratories. Our priorities focus on the following core areas to secure further commercial growth and revenue:
1. Business to Business commercialisation of the geneType suite of tests Highlighting the Budget Impact Model (BIM) to US Payers is the cornerstone initiative that underpins GTG’s B2B strategy and therefore gaining coverage for geneType in the U.S. Gaining coverage/reimbursement from payers in the U.S. is a key driver of step-change growth in revenues for geneType. For the geneType Breast Cancer Risk Assessment Test, multiple discussions highlighting the significant health and economic benefits of implementing the GeneType test (BIM) were held with U.S. employer groups, unions and health systems. This has led to positive engagement with Insurers and Payors. The BIM is is scalable for all payer systems and proven to deliver near tem ROI. Currently we are engaged in more than ten active conversations with U.S. payer groups which combined have an aggregated covered lives total an estimated 42million people. GTG are also targeting smaller niche payers such as employer groups. Commercial pilot studies highlighting the benefits of adopting the GeneType test with one or more payers are expected to commence during the coming months. Completion of these pilot studies are an important inflection point for the Company. At the clinical practice level, GTG now has a number of independent clinics regularly referring patients for geneType tests, with new clinics being added weekly. GTG has also engaged with a number of KOL’s in the U.S. who are actively supporting the implementation of the geneType risk assessment tests - these KOL’s including geneType:
In Australia, through the sales efforts of our Virtual Sales Representative (VSR) and face to face engagements using MedLab Medical Science Liaison personnel, over 90 medical practices are currently evaluating the geneType platform with their patients. A number of these have begun referring patients on a commercial basis. GTG is continuing to build partnerships with key users in Australia including:
A number recent of media events are building the brand awareness of geneType. These included a segment on channel 7 News htp://youtu.be/21SoDP8PTxg, a Webinar in which GTG’s Director of Medical Affairs, Dr Erika Spaeth, interviewed Associate Professor Charles Siles on the utility of geneType Breast Cancer Risk Assessment Test https://www.youtube.com/watch?v=Xmwn-WYFIeE, and an interview with GTG’s CEO, Simon Morriss, that aired on Bloomberg US https://youtu.be/YPBOPf8tPDE. 2. Demonstrate clinical validity and clinical utility of geneType platform The publications are:
GTG will continue the strong commitment to scientific and clinical validity with our publication strategy in peer reviewed journals with innovation for geneType focussed on ethnicity diversity for a global healthcare system. 3. EasyDNA and Affinity DNA Revenue Growth: Tests, Channels & Markets The Company’s revenue base continues to grow through the EasyDNA and Affinity brands. Commercial achievements made during the half-year include:
Our growth strategy for EasyDNA focuses on expanding Direct-to-Consumer channels and our U.S. presence. Authorised for release by the board of directors of Genetic Technologies Limited. Enquiries Investor Relations About Genetic Technologies Limited Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.genetype.com Forward Looking Statements _______________ 1 https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0278764 |