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Genetic Technologies Posts $2.5M in Q1 Revenues

NEW YORK (GenomeWeb News) – Australian firm Genetic Technologies today reported revenues of A$2.4 million (US$2.5 million) for its fiscal first quarter of 2012.

Reported revenues were derived solely from sales to customers. For the quarter ended Sept. 30 the company had a loss of A$1.3 million.

The company did not provide year-ago figures for comparison and none could be found on the websites of either the Australian Securities & Investments Commission or the US Securities and Exchange Commission.

Genetic Technologies reported no R&D spending for the quarter while advertising and marketing costs came in at A$80,438. In a statement, the company said that as part of a strategy to focus on expanding its cancer diagnostic franchise, "its research programs are being progressed with a view to outlicensing, co-development, or partnering" on its RareCellect technology, a platform for pre-natal testing, and its ImmunAid technology, which is "aimed at improving treatment outcomes in chronic diseases, such as cancer, using traditional and new therapeutic agents," according to the company's website.

In June, the firm launched its BrevaGen test for breast cancer in the US and during the first 90 days of the launch, 600 test kits have been placed in "targeted accounts." It also has started processing reimbursements for the test and begun the credentialing process with the "top-10" preferred provider organizations in the US. The first PPO contract was signed in early October and additional contracts are expected to be completed by the end of December, Genetic Technologies said.

During its fiscal first quarter, the company completed a financing round that raised about US$12.7 million. Most recently, it announced it had settled with Hologic on a patent dispute.

As of Sept. 30 Genetic Technologies said it had A$14.9 million in cash.

In August, the firm reported its first-ever profit for fiscal year 2011 ended June 30, as outlicensing revenues grew 266 percent year over year.

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