Genetic Technologies Limited

Quarterly Activities Report and Appendix 4C of the ASX Listing Rules for the quarter ended 30 June 2017

MELBOURNE, AUSTRALIA--(Marketwired - Jul 27, 2017) - Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE)

HIGHLIGHTS

• Revised BREVAGenplus® commercial strategy attracting wider market interest
• Achieved 64% samples growth for the quarter
• Executed investigator initiated research Agreement with The Ohio State University
• Advanced development of colorectal cancer risk assessment test
• Maintained strong cash position with $11.0M in cash

Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) ("Company"), a molecular diagnostics company focused on cancer risk assessment, and provider of BREVAGenplus®, a first-in-class, clinically validated risk assessment test for non-hereditary breast cancer, is pleased to provide its Quarterly Activities Report for the period ending 30 June 2017, together with the attached Appendix 4C.

"I'm particularly pleased with the progress achieved across the commercial and product development fronts. Our product repositioning and conversion to a direct self-pay program for BREVAGenplus has already produced results in terms of setting the stage for wider market adoption, and our development program for a colorectal risk assessment test and the new research initiative with The Ohio State University speak to our continued conviction to enhance our pipeline of SNP-based cancer risk assessment products," commented Eutillio Buccilli, Executive Director and Chief Executive Officer of Genetic Technologies.

Commercial and Financial Snapshot

Test samples received for the quarter were 265, including 140 tests issued to the Ohio State University (as part of the investigator initiated research Agreement), compared to 162 in the previous quarter (Q3 FY17). For the full year 2017, 1,035 test samples were received compared with the previous corresponding period (PCP) of 1,184 tests, representing a year on year decrease of 12.6%. 

Total cash receipts from customers during the quarter ended 30 June 2017 were $147k, compared to $195k in the previous quarter, taking the figure to $704k for the full year ended on that date, compared to $1,187k in the PCP.

Operational cash spend for the full year 2017 was $7.8M, $1.4M less than the previous corresponding period of $9.2M and $5.4M less than the full year 2015 spend of $13.2M, representing a reduction in annual cash spend of 15% and 41% respectively.