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Form 605 - James Edward Besser |
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Settlement of dispute with Sunrise Medical |
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Australian Investor January 2011 - Genetic Technologies to Launch Innovative Breast Cancer Test |
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13 January 2011 |
Genetic Technologies Limited (ASX: GTG) is a genetic testing business that aims to uncover the impact of DNA on health. The company has a specific focus in cancer diagnostics and the potential uses of non-coding regions of DNA.
Genetic Technologies Limited is set to launch the world’s first validated test for non-familial breast cancer in the US in the first quarter of 2011. The test will personalize the five year and lifetime risk assessment of a woman developing breast cancer.
Dr. Paul MacLeman, CEO of Genetic Technologies Limited, told the Australian Investor that there is currently no product on the market that matches the BREVAGen test.
“It’s the first SNP panel test that has a peer reviewed validation test in a reputable journal,” Dr. MacLeman said.
“We have had good reception from doctors in the US.”
Whereas current tests are based on familial factors, BREVAGen combines population risk factors with genetic risk factors in order to give a more accurate risk assessment. By providing more precise information, the patient can receive more effective treatment.
“It allows the doctors to make a better judgement in how to manage a particular patient’s treatment,” Dr. MacLeman said.
There are substantial near term global growth opportunities in cancer diagnostics. The target market in the US alone is 1 million patients a year, and the launch of BREVAGen will give the company exposure to the Northern Hemisphere and further opportunities.
Other than their focus in oncology, Genetic Technologies Limited is also the contracted provider to the New South Wales Police Force for volume crime forensic testing, and has a 50% share in paternity testing in Australia and New Zealand.
As an established business with infrastructure and reliable revenue, Genetic Technologies Limited is the largest non-government operation of its type in Australia. The company has recently reported fourth quarter earnings approaching $10 million. Dr. MacLeman is therefore confident in his company and their product.
“We’ve got the right people with the right product at the right time,” Dr. MacLeman told the Australian Investor.
The BREVAGen test is effective in both prevention and detection of breast cancer. The company is looking at developing similar tests for other cancer markers in the future, with targets including lung and prostate cancer.
January 2011 |
