Genetic Technologies Limited (NASDAQ: GENE) recently released its quarterly business update to the market. The company is known as a global leader in Genomics-based wellness, health, and serious disease tests.
Commercializing the company’s products
According to Genetic Technologies CEO Simon Morris, the company is moving swiftly into the commercialization of its products with the launch of their COVID-19 Risk Test in May and announcing their acquisition of EasyDNA. He adds that this acquisition provides a direct-to-customer platform and strong alignment with the company’s planned expansion to health and wellness testing in established websites in 30 countries. The alignment was critical to the company’s acquisition of EasyDNA.
A three-year co-exclusive license agreement between GTG and IBX was announced in March this year for the production, sales, distribution, and marketing of GTG’s COVID-19 Risk Test in the US, with the product launch at the end of May. Revenues in the quarter after the agreement were A$95k.
Genetic Technologies Limited has previously stated its main commercial avenues, including the consumer-initiated sales and marketing platform available in the US and Australia. With the recent addition of EasyDNA, the company plans to leverage the direct-to-consumer platform to enhance its products’ global awareness and visibility.
Furthermore, the company is engaged in business-to-business sales through medical professionals and now has a distribution coverage of the US and Australian markets. GTG assesses the CE certification requirements for their products and has identified Europe and the UK as their following target regions.
Plans
The company’s Polygenetic Risk Score (PRS) products under development will eventually be offered as part of the GeneType Multitest, which will assess more than 70% of all morbidities, including Colorectal cancer, Breast cancer, Type 2 Diabetes, Cardiovascular Disease, and Melanoma. The Multitest will leverage the foundational IP under US patent 7,127,355- ‘Methods for Genetic Analysis. Recent developments in Melanoma and Prostate Cancer Tests have shown informative polygenic risk scores that could improve predictability, with GTG planning to release initial findings by the end of the year.