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Genetic Technologies Records $3.5M Loss in H1 2012

NEW YORK (GenomeWeb News) – Australian breast cancer diagnostic firm Genetic Technologies said today that it posted a loss of A$3.3 million (US$3.5 million), for the first half of its fiscal 2012, compared to a profit of A$4.2 million a year ago.

The firm did not provide revenue figures for the period ended Dec. 31, 2011, but had said in earlier announcements that it had A$2.4 million in revenues for its first quarter and A$1.5 million in revenues during its second quarter.

Operating expenses for the first six months of its fiscal 2012 shrank 34 percent to A$3.5 million from A$5.3 million a year ago, and the company said it had A$12.6 million in cash as of the end of the year, aided by the placement of 60 million shares of its stock at $.195 per share in July.

Genetic Technologies launched its BrevaGen non-familial breast cancer risk test in the US in June 2011 and the company said today that it had placed more than 1,320 test kits across 246 targeted obstetrics and gynecological practice accounts. By the end of 2011, 125 tests had been ordered by 53 physicians.

Earlier this month the company reported receiving a CLIA Certificate of Compliance for its Australian lab from the US centers for Medicare and Medicaid Services. Genetic Technologies markets its BrevaGen test to 42 states in the US that don't require additional out-of-state licensure, and the certificate of compliance clears a path to market the test in the remaining eight states, including California, Florida, and New York.

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