Genetic Technologies Files Quarterly Activities Report and ASX Appendix 4C for Quarter Ended December 31, 2011

 

MELBOURNE, AUSTRALIA--(Marketwire - Jan 31, 2012) - Genetic Technologies Limited (NASDAQ: GENE) (ASX: GTG) today announced it has filed its Quarterly Activities Report and Appendix 4C for period ending December 31, 2011 in accordance with the ASX.

Total cash receipts from customers were $1.45 million for the quarter ended December 31 and $3.80 million for the first half ended on that date. Total cash balance as of December 31, 2011 was $12.58 million. Gross revenues generated by the Company's Australian testing operations were ahead of budget for the first half of the 2012 financial year. The Company's IP estate, including patents acquired from Perlegen Sciences, now includes 140 patents granted and a further 108 pending, including those granted during the quarter.

The Company also provided an update on the June 2011 soft launch of BREVAGen™, its breast cancer risk test in the U.S. As a result of a successful inspection of the Company's laboratory in Victoria, Australia by the Centers for Medicare and Medicaid Services (CMS), a Certificate of Compliance is anticipated to be issued during the first quarter of the 2012. Following the granting of this Certificate and the lodgement of procedural out of state licensure forms, BREVAGen™ will be available for sale in an additional six states across the United States, bringing the total to 49, including the key healthcare markets of California and Florida. Beginning in the first half of 2012, the Company plans to initiate a further validation study in Hispanic women aged 35 and older. This new study will also expand the panel of genetic markers associated with breast cancer in this target population.

"I am encouraged by the uptake of BREVAGen™ in the initial markets," commented Dr. Paul MacLeman, GTG's Chief Executive Officer. "The feedback we have received from early adopters has been very favorable with physicians citing benefits of ease of use and test interpretation, as well as enhanced patient monitoring and improved health outcomes. We look forward to the upcoming launches in key markets, as well as extending BREVAGen's™ role to include the Hispanic populations."

Both the Quarterly Report and Appendix 4C have been released to the ASX and NASDAQ. Full text and financial information is available at www.sec.gov, www.asx.com.au and www.gtgcorporate.com.

About BREVAGen™
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient's DNA to detect the absence or presence of certain common genetic variations (SNPs) associated with an increased risk for developing breast cancer. The test is designed to help physicians assess aggregate breast cancer risk from these genetic markers, plus factors from a standard clinical assessment based on a patient's family and personal history, thus giving a clearer picture of an individual woman's risk of developing breast cancer. The BREVAGen™ test may be especially useful for women at intermediate risk of developing breast cancer, including those who have undergone breast biopsies, as the test will provide information that can help physicians recommend alternative courses of action, such as more vigilant, targeted surveillance or preventive therapy, on a personalized patient-by-patient basis.

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 and of 1995. 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
Dr. Paul D R MacLeman
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000

Rudi Michelson (Australia)
Monsoon Communications
(03) 9620 3333

Bruce Likly (USA)
Kovak Likly Communications
(203) 762.8833