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Genetic Technologies Reports A$147K in Cash Receipts for Q4

NEW YORK (360Dx) – Australian molecular diagnostics firm Genetic Technologies today reported A$147,000 (US$117,000) in cash receipts from customers for its fiscal fourth quarter, down 25 percent from A$195,000 in fiscal Q3.

During the quarter, the firm also received A$260,000 for ongoing R&D expenditure as part of the Australian government's R&D tax incentive program, it said.

Genetic Technologies received 265 test samples for the three months ended June 30, compared to 162 test samples in Q3. The Q4 number includes 140 tests issued to Ohio State University as part of an investigator-initiated research agreement reached by the two parties in June.  

As part of the deal, Genetic Technologies will supply SNP-based genotyping for a clinical research study on a fee-for-service basis, it said, adding the firm will be responsible for developing and validating a new assay, which will have the same fundamental technology as its BrevaGenplus breast cancer risk assessment test.

Financial and other terms of deal were not disclosed.

The company did not disclose its net income for Q4, but said that it had A$11 million as of June 30.

During Q4, the company began a new pricing model for the BrevaGenplus test, going from a reimbursement system to direct patient self-pay.

"Our product reposition and conversion to a direct self-pay program for BrevaGenplus has already produced results in terms of setting the stage for wider market adoption, and our development program for a colorectal risk assessment test and the new research initiative with the Ohio State University speak to our continued conviction to enhance our pipeline of SNP-based cancer risk assessment products," Genetic Technologies CEO Eutillio Buccilli said in a statement. 

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