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Genetic Technologies Completes Sale of Australian Genetics Business

NEW YORK(GenomeWeb) – Genetic Technologies today said that it has completed the sale of its heritage Australian Genetics business to Specialist Diagnostics Services for A$2 million (US$1.7 million) in cash. 

The sale was previously announced by GTG in September and followed the company's announced restructuring plans that included the divestiture of non-core assets in order to focus on its US molecular diagnostics operations and the commercialization of a new version of its BrevaGen breast cancer risk test. 

"The divesture of the Australian Genetics business represents another material milestone in our transformation to becoming a streamlined and focused molecular diagnostics company committed to the commercialization of our flagship breast cancer risk test, BrevaGenplus," GTG CEO Alison Mew said in a statement. "Implementation of the restructure plans continues and are on track for completion over the next quarter."

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