GTG restructures to focus on molecular diagnosis
Genetic Technologies (ASX:GTG) has announced a restructuring and cost-cutting process to allow it to more effectively focus on the US molecular diagnosis market and its breast cancer test BREVAGen.
The company will make moves including selling off non-core assets, restructuring the board and re-aligning its internal cost structures. Genetic Technologies has also proposed to change its name to reflect its new focus.
The breast cancer risk test BREVAGen will be the cornerstone of the revamped company’s operations. BREVAGen launched in the US in May 2011 and is approved for sale in all 50 states - but the current generation of the test is only compatible with Caucasian women.
Genetic Technologies next month plans to launch BREVAGenplus, a version of the test that is now useable by black and Hispanic women. The company said it estimates that the addressable market for the new test in the US is over 7 million women.
Genetic Technologies has meanwhile made tweaks to make the test more reliable and accurate than its predecessor.
The company plans to conduct a series of clinical studies to help demonstrate the utility of the test to patients, clinicians and insurers.
“It is expected that BREVAGenplus will deliver improved outcomes over our first-generation test and will, very importantly, be applicable for each of the major ethnic groups in the United States,” Generic Technologies CEO Alison Mew said.
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