Genetic Technologies Provides BREVAGen(TM) Revenue Update for Quarter Ending June 30, 2014
July 7, 2014 - MELBOURNE, AUSTRALIA
Molecular diagnostics company Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) is pleased to announce that the number of BREVAGen test samples received during the quarter ended June 30, 2014 returned to levels achieved in late CY13. Total patient samples received during the quarter were 1,096, representing 37% growth over the March 2014 quarter (800 samples).
As mentioned in previous communications, the start of CY14 brought severe winter weather across large parts of the U.S. and this restricted patient and physician physical access to medical centers and willingness to attend for anything other than urgent medical care. Further to this challenge, the holiday period coincided with the introduction of the Affordable Care Act under ObamaCare, which created uncertainty in patients' understanding of their out of pocket expense liability that also restricted the uptake of BREVAGen. With these factors removed, the Company saw a return of patients to doctors' offices and improved preparedness to make preventive care decisions.
The June quarter completes the 2014 financial year for Genetic Technologies, with 3,935 samples received in the financial year, more than doubling the 1,547 received in the previous corresponding period.
Genetic Technologies benefited during the quarter from an increased focus on breast centres, radiology groups and high population, health-conscious territories, and this activity is anticipated to result in further growth over the coming quarters.
Furthermore, the company is on target to release the next generation BREVAGen test in Q4 CY14. The new version of BREVAGen incorporates an expanded SNP panel, providing an increase in predictive power. Importantly, it will also be validated in African American and Hispanic populations, thereby increasing the applicable market and simplifying the marketing process for BREVAGen in clinics and breast centres.
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. 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 Mew
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000
Blueprint Life Science Group
+1 (415) 375 3340, Ext. 105