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Genetic Technologies' Q2 Revenues Fall 23 Percent

NEW YORK (GenomeWeb News) – Genetic Technologies in regulatory documents today said that receipts from customers declined 23 percent year over year during its fiscal second quarter.

For the three months ended Dec. 31, 2012, the Australian company took in A$4.1 million (US$4.3 million) in receipts, down from A$5.3 million in the year-ago period.

Its R&D spending was down 48 percent to A$21,400 from A$41,197 in the year ago period, while advertising and marketing costs were also cut 48 percent to A$217,493 from A$420,274.

The firm did not disclose bottom-line results.

It reported A$5.9 million in cash at the end of the quarter.

Following clearance from Florida regulators for GTG's BrevaGen breast cancer risk stratification test in September, New York remains the only state in the US where the test is not cleared for sale. Today, the Australian firm said it has submitted an application with the New York State Department of Health to offer its test, and the agency is reviewing its application. GTG hopes to schedule an audit of its laboratory in Melbourne, Australia later this year.

The firm also said that BrevaGen was granted a Medical Device Establishment License from Health Canada, allowing it to be sold in that country.

The firm remains active in bringing litigation against firms that it believes have infringed on its primary non-coding DNA patent, and during the fiscal second quarter it sued several firms alleging infringement while it settled with Roche and Thermo Fisher Scientific's One Lambda.

It said today that that its lawyers plan to sue companies in several European countries, including Germany and the Netherlands, claiming patent infringement.

During the quarter, GTG also saw a management shakeup that led to the naming of Mal Brandon as its new chairman of the board of directors and Alison Mew as acting CEO. Mew was made permanent CEO in December.

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