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Genetic Technologies' Revenues Double

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.

The firm also said that it posted a profit of A$901,000 for the year. The maiden profit was due to the increase in revenues, as well as "savings from a strident cost reduction and containment program," Genetic Technologies CEO Paul MacLeman said in a statement.

The firm launched its BrevaGen breast cancer risk test in the US in June through its North American division, Phenogen Sciences. MacLeman noted that the addressable market in the US for the test is around 1.1 million tests per year.

Genetic Technologies finished the fiscal year with A$5.1 million in cash reserves.

It subsequently raised A$11.7 million through a private placement completed late last month with 12 new institutional investors.

In a separate announcement today, Genetic Technologies said that it has signed a settlement and license agreement with Germany-based Attomol, under which Attomol received non-exclusive rights to certain Genetic Technologies patents related to non-coding DNA technology. The terms of the agreement were not disclosed, and Genetic Technologies noted that Attomol was not a counterparty to any of the legal actions filed by the firm in the US.

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