GENE stock is still attracting buyers after the company announced on January 7, 2020, that its GeneType for Breast Cancer is on track for commercial release in Q1 2020.
On January 13, 2020, Genetic Technologies (ASX: GTG; NASDAQ: GENE), a leader in the development of genetic risk assessment tests, announced the commercial availability and US launch of the company’s GeneType for Breast Cancer in 20 centers across eight States.
GeneType for Breast Cancer is the world’s first genomic test to accurately predict risk of disease by combining the information contained in DNA with family history and mammography data to create a powerful new tool in the battle with breast cancer. The company is actively seeking commercial partners for distribution throughout the United States.
“GeneType for Breast Cancer is the first of a number of different validated risk assessment tools representing the next generation of disease prediction,” said Dr. George Muchnicki, CEO of Genetic Technologies. “We look forward to building on existing channels and establishing partnerships aimed at commercializing the future of preventative medicine.”
The company recently announced the full commissioning of its Australian laboratory enabling sales of GeneType for Breast Cancer. According to Dr. Muchnicki, “We are now well positioned to respond to the pre-market interest in GeneType.”
Company leadership will be providing additional details regarding the GeneType for Breast Cancer launch and other company initiatives at the upcoming 2020 Biotech Showcase in San Francisco, California. Genetic Technologies management will be presenting on January 14th at 2:30PM (presentation room Franciscan). For additional details, please visit https://www.gtglabs.com
As a reminder, on January 7, 2020, Molecular diagnostics company Genetic Technologies advises that its third-generation breast cancer test, GeneType for Breast Cancer, is on track for commercial release in the Unites States in Q1 2020. Genetic Technologies expects to take advantage of the growing confidence and interest in genomic testing, and its first to market status in the US market. GeneType for breast cancer (BC) is on track for release in the US in Q1 via a soft launch across 20 centres in 8 States, which demonstrates the strong support from practitioners for the introduction of the company’s third generation test incorporating mammography data. The Company anticipates a full launch in Q2. Following a successful CLIA audit in December 2019, the Company now has continuing CLIA certification for its laboratory developed tests in all 50 States in the US and also maintains licenses in all individual States that require supplemental accreditation including New York. In addition, the company’s current 35,000 test laboratory capacity has the ability to be scaled up in line with demand. Shares of the company are up 99% or $2.02 per share to $4.07 heading into the close.