Genetic Technologies Limited Explodes After Announcing Completion of Two Genetic Risk Tests


 
 
03:40 05/13/2019

Shares of Genetic Technologies Limited GENE  were soaring on Friday after the company announced the successful completion of two ground-breaking tests branded GeneType for Colorectal Cancer and GeneType for Breast Cancer.

Shares of the stock closed up roughly 95% on higher trading volume than usual this past Friday after announcing that the two new tests follow substantial scientific research and genetic product development.

According to the company's press release, Genetic Technologies Limited's 'polygenic risk tests combine information from genetic markers called Single Nucleotide Polymorphisms to assess how people’s genetic make-up affects their risk of developing various diseases.'

This 'heavily patented approach to incorporating further clinical risk information places them at the forefront of the global risk assessment space.'
This is the world's very first polygenic risk test for colorectal cancer and 'provides healthcare providers and their patients a 5-year, 10-year, and lifetime risk assessment of the patient developing colorectal cancer.'

GTG Chairman and Acting CEO Dr Paul Kasian commented, “These tests allow Government Health Leaders to directly target future screening to the most high-risk patients, thereby massively reducing health system costs and providing much better outcomes for patients. GTG’s proactive approach to disease management has the potential to save both lives and money by allowing the earlier detection of disease and focusing the use of limited healthcare resources to those most in need.”

Dr Kasian added, “I am very proud of our world-class scientific team. Genetic testing is a growing industry world-wide and it is remarkable that the team has maintained thought and product development leadership in this competitive space. Armed with these new world class products, GTG is poised to play its part in making predictive genetic testing a mainstream healthcare activity – a routine part of any health check-up.”

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