Genetic Technologies Limited, a global leader in genomics-based tests in health, wellness and serious disease and the parent company of geneType™, is pleased to announce the global launch of the geneType™ Risk Assessment portfolio on our wholly owned EasyDNA platform currently selling in 42 countries, setting the stage for the potential significant expansion of the Company’s current A$7.5m annual revenues.
This expansion allows the Company to promote and sell its most powerful geneType™ innovation on its most profitable channel to realise more than 70% gross margin. This key step change in conjunction with the Company’s structural reset will reduce cash burn to under A$200k per month from the previous A$800k, driving the Company towards its profitability target.
The availability of geneType™ on EasyDNA’s consumer platform will accelerate global access. In the US, building on the successful influencer campaigns and Stayhealthy® initiatives, the Company believes this is the right time to add geneType™ to the EasyDNA marketplace. The Company has built a streamlined online process for both clinicians and consumers with its partners, Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene and Fabric Genomics.
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Aligned in GENE’s mission to transform the approach to population healthcare on a personalised basis, these partnerships support a telehealth-enabled access to clinical testing. The placement of the geneType™ consumer-initiated pipeline on the EasyDNA platform will increase the visibility and reach of the product line, while maintaining the required clinical oversight.
This pipeline enables a uniform operational workflow regardless of specimen origin. All laboratory processing of samples will be carried out through GENE’s laboratory partner Gene By Gene. Data analysis, a critical element of GENE’s intellectual property and accreditation status, will remain in our Australian-based laboratory utilizing the Company’s cloud-based algorithms allowing GENE to process data in local environments according to local data regulations by country.
The new initiative, launched in July, is designed to streamline completion of the clinical questionnaire and the communication of results. GENE has implemented a “user-friendly” consumer interface with Nest Genomics. Nest Genomics are experts in the field of genetic-based, patient-facing communication enabling GENE to harness their ability to support the post-test continuum of care. GENE has not only built a test that empowers consumers to understand their risk of serious disease but has built a pipeline that enables consumers to act on that disease risk by facilitating communication with their healthcare providers. This pipeline will now be made available on the EasyDNA platform for increased consumer and practitioner access.
The UK market has demonstrated a proven appetite and strong interest in genetic testing. GENE believes this initiative will resonate well in this market given much of the data that drove the initial development of geneType™ is based on the unique UK biobank. In Australia, as in the US, tests will be available via the EasyDNA platform and local medical providers using telehealth appointments and in-person engagement with consumers.
The combination of genetics and clinical risk covers both nature and nurture and provides a truly comprehensive view of an individual’s personal risk of serious disease. The Company’s geneType patent portfolio, with over $50m invested to date, creates a moat in these areas as the market is expected to grow exponentially in the near term.
SOURCE: GlobeNewswire