Gene Business Update

Private Hospital Partnership; Expanded Multi-Test for Australian Market and Commercial Partner for Cancer Clinical Trial

MELBOURNE, Australia, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE, ”Company”, “GTG”), a global leader in guideline-driven genomics-based testing in health, wellness and serious diseases, is pleased to provide an update on the company activities for the quarter ending 30 September 2023.

Highlights:

• Partnership signed with the Gold Coast Private Hospital (a member of Healthscope), to establish a Precision Medicine Clinic at the hospital.
• GeneType Multi-Test granted approval for Pancreatic Cancer, Melanoma, and Atrial Fibrillation in Australia.
• Medical Research Future Fund (MRFF) grant names GTG as sole industry partner for trial to assess multi cancer genetic risk assessment in general practice.
  

• Receipts from customers was A$2.0 million, in line with the prior quarter and corresponding period (pcp).
• Peer-reviewed research paper validates geneType’s Pancreatic Cancer risk test, showing a nearly 50% improvement to the traditional clinical risk score in identifying patients at high risk of developing pancreatic cancer.
• Environmental, Social, and Governance (ESG) reporting commenced with the development of a baseline report addressing 21 core metrics set by the World Economic Forum (WEF).
  

Commenting on the Company’s quarterly performance, Chief Executive Officer Simon Morriss said: “the team has had an exceptionally busy quarter executing on key foundational objectives outlined in the comprehensive strategic review linked to our core revenue drivers and importantly our pathway to profitability.”

Key Achievements During the Quarter

Precision Medicine Pilot Partnership signed with The Gold Coast Private Hospital

GTG announced a partnership with the Gold Coast Private Hospital (GCPH), a member of Healthscope, to establish a Precision Medicine Clinic at the hospital. Gold Coast Private Hospital is a 336 bed, 22 theatre hospital and home to leading doctors and surgeons from around the world. The goal of precision medicine is to target the right treatments to the right patients at the right time. Utilising GTG’s geneType Multi-test and Pharmacogenomics (PGx) tests will be an important step in improving health outcomes for GCPH’s patients.