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Genetic Technologies Posts $1.6M in Revenues in Q2

NEW YORK (GenomeWeb News) – Australian genetic test company Genetic Technologies said on Monday that it posted A$1.5 million (US$1.6 million) in revenues for its fiscal second quarter.

The company had no reported R&D spending during the quarter ended Dec. 31, 2011. Advertising and marketing expenses came in at A$92,651.

Genetic Technologies said it had a net loss of A$2.2 million and ended the quarter with A$12.6 million in cash.

In June the company launched its BrevaGen test for breast cancer in the US, and in a statement this week it said that inspectors from the Centers for Medicare and Medicaid Services had inspected Genetic Technologies' laboratory in Victoria, Australia in December. The survey process was successfully completed and the company anticipates CMS will issue a certificate of compliance during the first quarter of the calendar year.

Upon certification, the company will make its BrevaGen test available in six states in the US, bringing the total number of states in which it is available to 49. It said that it expects the test to become available in the remaining state, New York, by the end of 2012.

The firm also continues the credentialing process with preferred provider organizations in the US, and is targeting the top 10 PPOs, which represent more than 80 percent of the covered lives serviced by Phenogen Sciences, Genetic Technologies' US subsidiary. Two contracts with PPOs have been executed and two others are in late-stage negotiations, it said.

The four PPOs cover about 30 percent of the total number of covered lives in the US.

During the second quarter Genetic Technologies had announced it settled patent disputes with AutoImmun and Hologic over Genetic Technologies' non-coding DNA technology.

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