The one-size-fits-all approach to medicine is on its way out with the rise of personalised medicine. The development of technologies to individualise healthcare for each person holds much promise for tackling disease treatment and prevention. A prime example of this is the development of genetic testing for the BRCA genes. Inherited genetic mutations within these genes is the most common cause of hereditary breast cancer. Screening for this allows for preventative measures to be taken, before cancer arises.
Predictive genetics and AI driven preventative healthcare company Genetic Technologies (ASX: GTG) is working in this space to develop tools to assess each individual’s risk for certain diseases.
With three main pathways: B2B, consumer initiated testing and direct to consumer testing, the Company’s broad product portfolio has generated revenue of $99,000 for the quarter.
Genetic Technologies’ geneType testing kits integrate genetic and clinical risk factors to stratify individual risk and determine those at an actionable risk of serious disease 10-15 years earlier than previously possible. The pre-symptomatic testing helps to inform lifestyle choices and healthcare decisions. Currently, GTG has tests available for breast cancer, Lynch Syndrome and colorectal cancer risk.
Earlier in the year the Company launched a fully approved COVID-19 Risk Test in the US alongside subsidiary company Infinity BiologiX (IBX) which has generated sufficient sales to trigger a milestone payment from IBX.
The Company is also developing their Multi Test, one test designed to help identify risk factors of serious disease for up to 70% of mortalities and morbidities including cancer, cardiovascular, metabolic and mental health conditions. The test has TGA, FDA and EU regulatory approval.
Acquisition of EasyDNA for $4 million has expanded the direct to consumer testing pathway. GTG intends to leverage the EasyDNA technology and laboratory agreements to offer paternity, ancestry, gut microbiome and other non-medical related genomic tests.
Simon Morriss, CEO of Genetic Technologies said “Genetic Technologies is moving rapidly into the commercialisation of its products with the launch of the COVID-19 Risk Test in May and the post quarter end announcement of the acquisition of EasyDNA.
“This acquisition provides a direct-to-consumer platform and strong alignment with GTG’s planned expansion into health and wellness testing. This alignment was critical to our decision to acquire the brand and assets of EasyDNA.
“We anticipate that as we progress our product development pipeline that there will be significant opportunity for GTG to leverage this platform to enhance the distribution and sales opportunities of our products.”
The Company has reported a cash balance of $20.8 million, providing them with a comfortable runway to fund commercialisation opportunities and continued product development.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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