MELBOURNE, Australia, April 17, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a global leader in genomics-based tests in health, wellness and serious disease, is pleased to announce the Company has established a precision oncology division and announced its highly anticipated portfolio of new diagnostic tests under its geneType precision oncology brand.
The proprietary-developed tests will provide invaluable information to medical oncologists, helping determine which therapies will have the most efficacious impact in treating a range of cancers including melanoma, lung, pancreatic, colorectal, breast, ovarian and brain cancers.
- Huge market opportunity for this advanced portfolio of methylation, mutation and liquid biopsy tests.
- Earlier detection of a range of cancers leads to significantly improved patient outcomes.
- These new tests will transform oncology diagnostics, companion diagnostics, and disease monitoring.
- A guideline-driven approach for reimbursement makes tests accessible and affordable for patients.
The global liquid biopsy and methylation market has a combined valuation of over USD 11 billion. The portfolio will include methylation tests, developed in collaboration with the University of Melbourne Department of Surgery, which identify unique features of the cancer such as methylation patterns. The range will also include solid tumour mutation tests to identify the molecular signature of tumours and detect mutations, and liquid biopsy tests to monitor disease progression.
According to Grand View Research (GVR), the global genomics market in 2023 was valued at USD 32.65 billion and projected a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. The firm back in 2021, estimated the DNA methylation market at USD 1,242.5 million and with a CAGR of 14.67% from 2022 to 2030. And two years later, GVR valued the global liquid biopsy market size at USD 10.42 billion in 2023 and predicted a CAGR of 11.60% from 2024 to 2030. Subsequently, this new test portfolio will provide GeneType with access to a significant market opportunity within the next 12 months.
GeneType is building a guideline-driven approach with a goal to achieve reimbursement across its test portfolio. This will significantly drive uptake by making genomic tests widely available and financially accessible to eligible patients.
Dr. Muchnicki, leading this new division at GeneType said, “The ability to deliver accurate companion-diagnostic solutions are paramount for best-in-class outcomes, translating into better survival, lower morbidity and lower cost to the health system.”
Precision oncology tests drive a more personalised care approach, delivered with greater accuracy. This portfolio of new genomic tests will dramatically change the landscape of oncology diagnostics and help achieve better treatment outcomes for patients.
Authorised for release by the Board of Directors.
Enquiries
Simon Morriss
Chief Executive Officer
E: investors@genetype.com
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.genetype.com
Forward Looking Statements
This announcement may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. As forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings with the ASX in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
