GTG breast cancer test sales gaining pace in US
Tuesday, 22 May, 2012
After a somewhat slow start, Genetic Technologies (ASX:GTG) has recorded a strong uplift in early US sales of its BREVAGen breast cancer risk assessment tool.
The Melbourne-based company revealed that unit sales of BREVAGen kits for the month of April were 48% higher than the year-to-date monthly average.
Total revenue received from BREVAGen sales for the April quarter meanwhile represented 63% of total revenues received since the test was launched into the US market in June 2011.
Genetic Technologies also revealed that it has secured credentialing contracts covering BREVAGen with four major US preferred provider organisations (PPOs). These deals cover an estimated 13 million individuals in the US.
PPOs are groups of medical doctors, hospitals and other health care providers which have teamed up with a US medical insurer to provide reduced health care rates to that insurer's clients.
A credentialing contract allows Genetic Technologies to negotiate a flat reimbursement fee for BrevaGen sales from the respective health insurers, in an expedited and agreed upon amount of time.
The company revealed that the speed at which reimbursements are received is increasing as the number of deals with PPOs increases.
It is targeting agreements with the top ten PPO groups in the US, and working with consultants to secure the additional arrangements.
BREVAGen is an oral swab test that identifies genetic variations in a patient's DNA that are commonly associated with increased breast cancer risk. It focuses on somatic mutations, rather than hereditary mutations, as does the BRACAnalysis test from Myriad Genetics.
In April last year, Genetic Technologies secured CLIA (Clinical Laboratories Improvements Amendments) approval to sell BREVAGen in 42 US states, and this February, the company secured a certificate of compliance for its Melbourne laboratory.
Genetic Technologies is also applying for out of state licensure to also sell BREVAGen in the remaining states.
Genetic Technologies (ASX:GTG) was up 6% in the day's trading to 8.8c as of 3pm.
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