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Genetic Technologies' Q1 Revenues Halved

NEW YORK (GenomeWeb News) – Genetic Technologies' fiscal 2013 first-quarter revenues dropped 50 percent year over year, the Australian firm said today in a regulatory document.

For the three months ended Sept. 30, GTG posted A$1.2 million (US$1.2 million) in receipts, down from A$2.4 million a year ago. Its loss for the quarter rose 69 percent to A$2.2 million from A$1.3 million a year ago.

After the close of the quarter, it received A$950,000 in net annuity payments from a license granted previously, GTG said, as well as A$459,000 from the exercise of 10.2 million options and fees from the granting of a license to One Lambda.

The firm's R&D spending during the quarter increased to A$19,797 from none a year ago, while advertising and marketing costs totaled A$202,780, compared to A$80,438 a year ago.

The company said that it recently filed an application with Canadian regulators to sell its BrevaGen breast cancer test in that country. It added that it is progressing on work to expand the capabilities of the test by validating a number of recently identified SNPs associated with breast cancer and their applicability in populations other than Caucasians.

"Expanding the currently available SNP panel will increase the predictive power of the test to provide even greater breast cancer risk data to physicians to better manage their patient's breast health plans," GTG said in its regulatory document.

The company finished the quarter with A$6.7 million in cash.

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