SPY330.30+3.33 1.02%
DIA272.81+1.37 0.50%
IXIC10,963.64+184.84 1.71%

Genetic Technologies Says Nasdaq Hearing Panel Grants Full Extension for Continued Listing

Molecular diagnostics company Genetic Technologies Limited (NASDAQ: GENE), provides the following update to the market. • Nasdaq hearing panel grants full extension for continued listing • Further validation of the GeneType for breast and colorectal cancer tes

Benzinga · 05/18/2020 09:16

Molecular diagnostics company Genetic Technologies Limited (NASDAQ: GENE), provides the following update to the market.
• Nasdaq hearing panel grants full extension for continued listing
• Further validation of the GeneType for breast and colorectal cancer tests
• Transitioning Type-2 Diabetes test to commercial operations
• Consumer Initiated Testing (CIT) platform Agreement signed
• Board and Management Changes
Nasdaq Hearing panel grants full extension for continued listing
On 30 April senior executives of the Company along with legal representatives attended a Nasdaq
hearing panel via zoom in New York. By way of letter dated 12 May, the hearing panel granted the
Company the full 180 day extension until September 9, 2020, to publicly disclose full compliance with
the minimum shareholder equity requirement under Nasdaq rules. The panel commented "The Company
has demonstrated, on multiple occasions, the ability to raise capital in trying circumstances, it has
genetic testing products under development that will likely have a broad appeal within the market place
and it has retained H.C. Wainwright to complete another capital raise by the end of July, 2020."
Further validation of the GeneType for breast cancer and colorectal cancer tests
Two R&D studies are nearing completion which provide further important validation data supporting
the GeneType for breast and colorectal cancer tests. The results are expected to be submitted for
publication in peer-reviewed medical journals in the next quarter. The content of these publications is
crucial in driving physician acceptance of our tests. Importantly the analyses which are derived from
large-scale cohort data, include prospective data analysis and set the stage for progressing our plans to
develop clinical utility evidence in support of our reimbursement strategy.
Type-2 Diabetes test progressing
In further positive progress, the Company has completed development of a prototype test for Type-2
Diabetes. The Melbourne laboratory is currently implementing the internal work flows and verification
procedures prior to commercial launch. The test is designed to incorporate a polygenic risk score in
combination with a clinical risk algorithm to better predict the risk of developing Type-2 Diabetes.
ASX Market Announcement
Market Update
Genetic Technologies Limited
www.gtglabs.com
info@gtglabs.com
ABN 17 009 212 328
60-66 Hanover Street
Fitzroy Victoria 3065
Australia
+61 3 8412 7000
Personalised proactive approach to health
Understanding a patient's risk of developing disease can lead to earlier screening, more frequent and
alternative surveillance methods, options for risk-reducing medications, and at the very least, some
suggested lifestyle changes.
Consumer Initiated Testing (CIT) platform Agreement Signed
After an extensive search and review the Company has signed with its preferred CIT platform provider
to enable sales of tests to be initiated directly by consumers in the United States. Our current CLIA and
NATA accredited laboratory will be utilised for the provision of tests across our current GeneType for
Breast and GeneType for Colo-Rectal cancer and will have the capacity to provide additional tests as they
come to market. The Platform is expected to go live within 60 days.
Board and Management Changes
The Board has confirmed that Dr Jerzy Muchnicki will maintain his current position as interim CEO and
Mr Peter Rubinstein a current Director will assume the role of Chairman. We are continuing to review and
strengthen board and executive composition. The Company also welcomes Mr Stan Sack as Chief
Operating Officer. Mr Sack has spent 15 years in large listed entities in executive positions managing large
business divisions. He has worked with a high net worth family managing all their operating businesses and
private equity activities. Mr Sack built an Allied Health Business in the aged care and community care
space which became the biggest Mobile Allied Health Business in Australia, and was recently sold to a
large medical insurance company.