Posted: 19 August 2024
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), 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.
The company is positioned to launch the geneType™ personalized risk tests on the EasyDNA platform with the potential to reach 42 countries and significantly expand on the current A$7.5m annual revenues.
This expansion allows the company to promote and sell our most powerful geneType™ innovation on our most profitable channel to realise more than 70% gross margin. This key step change in conjunction with the company structural reset will reduce our 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 our partners, Nest Genomics, DNA Nexus, DNA Visit, Gene By Gene and Fabric Genomics.
Aligned in our 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 GTG’s laboratory partner Gene By Gene. Data analysis, a critical element of GTG’s intellectual property and accreditation status, will remain in our Australian-based laboratory utilizing the Company’s cloud-based algorithms allowing GTG 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. GTG has implemented a “user-friendly” consumer interface with Nest Genomics. Nest Genomics are experts in the field of geneticbased, patient-facing communication enabling GTG to harness their ability to support the posttest continuum of care. GTG 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. GTG 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. Our 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.
The EasyDNA business founded some 17 years ago is a leading name in the consumer health and wellness markets. Its product range includes paternity testing, animal health, general consumer health and wellness across over 42 countries with the initial focus on English language markets.
