Research Profile Company Website
Genetic Technologies Limited is a diversified molecular diagnostics company developing tools for the prediction and assessment of chronic disease risk to help physicians proactively manage patient health. The Company’s lead products, ‘GeneType for Breast Cancer’ and ‘GeneType for Colorectal Cancer’, are clinically validated risk assessment tests that are first in their class. The Company signed a multi-year distribution agreement for its COVID-19 Risk Test and is now rolling out its revolutionary Multi-Test, covering up to 70% of mortalities and morbidities, including major oncological, metabolic, and degenerative diseases. Genetic Technologies recent acquisitions of EasyDNA and AffinityDNA has significantly accelerated the Company’s commercialization strategy, providing established revenue streams and direct-to-consumer marketing channels that include 70 websites in 40 countries. Listed on the ASX in 2000 and NASDAQ in 2005, Genetic Technologies has been a leader in the development and commercialization of genetic risk assessment technology for 20 years.
Dual-listed on Nasdaq and ASX, Genetic Technologies’ patented tests are designed to predict an individual’s risk of developing chronic disease, enabling early detection and reducing the need for expensive, late-stage care. Chronic disease accounts for an estimated 84% of global healthcare spending, which is expected to reach $8.7 trillion by 2020. The Company has brought four tests to market, including its recently launched, game-changing Multi-Test, which covers up to 70% of mortalities and morbidities. Through its August 2021 acquisition of EasyDNA and its May 2022 acquisition of AffinityDNA, Genetic Technologies has significantly accelerated its entrance into the multi-billion-dollar consumer genomics market. In addition to an established revenue stream ($4.6M in CY20), EasyDNA provides Genetic Technologies the opportunity to leverage an existing global direct-to-consumer marketing channel (operating 70 websites servicing 40 countries), while AffinityDNA further augments this expansive global distribution network.
- Memorial Sloan Kettering Cancer Center
- Harvard Medical School: Prof. Bernard Rosner
- Washington University St Louis: Prof. Graham Colditz
- University of Melbourne: Prof. John Hopper & Prof. Jon Emery
- Ohio State University
Annual Results - Momentum Building on our Commercial Plans
Genetic Technologies Limited has had an exciting period of commercial growth over the last 12 months in our Business to Business (B2B) channel led by geneType and our Direct to Consumer (DTC) channel led by our EasyDNA and Affinity DNA brands. Our commitment to transforming healthcare through personalized genetic insights continues driving meaningful advancements, revolutionizing medical practices across the globe.
This year we have continued the transformational journey from an R&D organization with one polygenic risk test to an organization with revenues anchored in 3 brands: geneType, EasyDNA, and AffinityDNA.
Highlighting our commercial progress, the company announces revenues for the 12 months ending June 30, 2023, of A$8.686million, an increase of +A$1.891m; +28% compared with 2022.
Momentum building - Growth and Partnerships:
The dedication of our team, and the power of geneType, have ignited a revolution in healthcare. We are seeing encouraging growth in our commercial volumes for geneType, a testament to the value and trust we are building in the medical community. Twenty medical practices in both the US and Australia are now routinely referring patients for geneType testing, with new practices joining our network every week. This is laying the foundation for a healthcare landscape that embraces precision medicine and individualized care.
Empowering Precision Medicine Centers:
Our vision extends beyond testing; we are leading the way establishing partnerships in Precision Medicine Centers of Excellence. Paving the way for a transformative approach to patient care, harnessing the potential of geneType, creating centers that redefine medical practices and deliver more precise diagnoses and personalized treatment strategies.
Innovating for the Future:
We were proud to announce the development of the world’s first Comprehensive Breast & Ovarian Cancer Risk Test, a true testament to our dedication to innovation. This groundbreaking test, showcased at the annual BRCA (BReast CAncer) conference in Montreal, will empower women to understand their risk profile for these deadly diseases through a simple saliva sample.
Pioneering Research and Clinical Impact:
Our ground-breaking work is gaining recognition on a global scale. The science team have successfully published seven peer reviewed manuscripts and publications in prestigious journals across the world. These publications provide the evidence that the implementation of the patented geneType test will identify more at-risk patients, detect the disease early and save lives.
Expanding the Frontiers of screening:
Our geneType Multi-Test Panel now encompassing an impressive nine life threatening diseases. In phase 2 of our rollout plan, we have expanded the panel to include melanoma, pancreatic cancer, and atrial fibrillation. This expansion enhances the test’s utility, offering risk assessments for six cancers, two cardiovascular diseases, and one metabolic disease, all from a single saliva sample, covering up to 70% of mortalities and morbidities annually.
Our strategic alliance with QIAGEN marks a monumental step forward. Together, we are establishing a “Centre of Excellence” facility in Australasia, uniting our life science and diagnostics expertise. This partnership amplifies our capabilities, driving commercial opportunities, enhanced automation, and increased capacity. Our shared goal is to make geneType accessible to a wider audience, accelerating the identification and intervention for at-risk patients.
Our Medical Leadership:
Dr. Joel Evans joined our team in the U.S. and is a leader in clinical and functional medicine whose expertise and passion for personalized medicine align perfectly with our mission. His appointment underscores our commitment to bringing cutting-edge medical insights to our patients, reinforcing our dedication to advancing healthcare.
None of our achievements would have been possible without the unwavering support of Key Opinion Leaders (KOLs) who are driving change in their fields. Their endorsement of geneType has opened doors to new medical practices, expanding our reach and impact. We are honored to collaborate with KOLs such as Dr. Carolyn Young, Dr. William Stanford, and Dr. Lisa Larkin, whose contributions are shaping the future of healthcare.
As we reflect on these remarkable milestones, we are invigorated by the promise that lies ahead. The journey of GeneType Group is one of transformation, empowerment, and relentless pursuit of a healthier future. We are pioneering a new era of healthcare, where every patient’s genetic makeup is harnessed to inform personalized treatments and interventions. Thank you for being a part of our incredible journey.
Our team has dedicated two decades to relentlessly advancing the forefront of genetic testing, introducing the most innovative solutions to the global stage. Over the last 18 months, Genetic Technologies has transitioned to an organization earning significant revenues and have identified the pivotal clinical and commercialization pathways for continued success. Looking ahead to the next 18 months, we are embarking on a determined journey towards attaining profitability.