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Genetic Technologies Selling Australian Genetics Business for $1.8M

NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies today announced the signing of a binding contract to sell its Australian Genetics business to Specialist Diagnostics Services for A$2 million (US$1.8 million).

SDS is a wholly owned pathology subsidiary of Primary Health Care. GTG's sale of the Australian Genetics business, anticipated to be completed in about a month, comes one week after the firm announced a restructuring that includes the sale of its non-core assets in order to ramp up its US molecular diagnostics operations and commercialize a new version of its BrevaGen breast cancer risk test.

GTG CEO Alison Mew said in a statement that while the Australian Genetics business has been "fundamental to the company's development as a specialized genetic testing service provider, and more recently, a foundation to enter the molecular diagnostic market via BrevaGen … [t]he board and management team believe that this path has the greater potential for sustainable growth for Genetic Technologies."

She added that implementation of the restructuring plans continues and remains on track to be completed during the next quarter.