VICTORIA, Australia, June 20, 2011 /PRNewswire/ -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE), through its North American division, Phenogen Sciences Inc., has launched the new BREVAGen™ genetic test for assessing non-familial breast cancer risk.
Phenogen Sciences will target its promotion campaign on women's health clinics in over 20 US metro-markets. The company has deployed its sales force to service select markets based on high volume use of the BRCA genetic test, currently available for the rarer familial form of breast cancer. The BREVAGen™ test has an attractive gross margin and an estimated addressable market in excess of $600 million per annum in the US.
"The US launch of BREVAGen™ is the culmination of substantial investment in development encompassing large scale genomic investigations and substantial support in medical literature. It is the first phase of the company's five year strategy to build a global cancer diagnostics business," said Dr. Paul MacLeman, CEO.
"Over this same period, GTG's core business has been streamlined; cutting costs, culling poor performing products and delivering its maiden half year profit. GTG has a clear focus on providing the best possible cancer diagnostics in major world markets. The US launch of BREVAGen™ follows the establishment of core commercial capability in the US and the achievement of CLIA certification for the company's now globally accredited laboratory."
"GTG is now also actively assessing new synergistic M&A opportunities with a view to a possible transaction during the coming financial year."
The new BREVAGen™ genetic test will be combined with individual risk factors to assess a patient's five-year and lifetime risk for the more frequent forms of sporadic/non-hereditary breast cancer that represent over 90 pe
|SOURCE Genetic Technologies Limited|
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