By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Australian firm Genetic Technologies today reported that its revenues increased 111 percent for the year ended June 30, 2011, while it posted a profit for the first time.

Its revenues totaled A$18.3 million (US$19.2 million) versus A$8.7 million for the previous fiscal year. Genetic Technologies said that the increase was primarily due to a 266 percent increase in revenue from its out-licensing program, which granted 11 new licenses during the year.

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