Genetic Technologies Limited (ASX: GTG, NASDAQ: GENE) today reported their quarterly activities report for the quarter ended 30 September, 2011.
Total cash receipts from customers during the quarter ended 30 September 2011 exceeded $2.3 million. Together with the $10.9 million in net funds raised from the placement of 60 million shares in late July, the Company’s cash reserves had increased to more than $14.8 million at the end of the quarter.
Gross revenues generated by the Company’s testing operations, excluding those forecast for sales of the new BREVAGenTM breast cancer risk test, were slightly ahead of budget for the first quarter of the 2011 financial year.Launch of BREVAGen™ breast cancer risk test In June 2011, the Company launched its new, predictive risk test for the tens of millions of women at intermediate risk of developing breast cancer, BREVAGen™, in the US market. The Company’s US-based subsidiary, Phenogen Sciences Inc., ( http://www.phenogensciences.com) began its progressive roll-out of BREVAGen™ to obstetricians and gynaecologists in eight territories accessing more than 20 metropolitan areas in the US during the third quarter of 2011, with anticipated territory expansion in the coming months. BREVAGen™ is the first clinically validated breast cancer predictive risk assessment tool that combines a woman’s genetic information with clinical data to assist physicians in developing personalized risk management plans. Over the first 90 days of the launch, the Phenogen sales team made more than 2,800 sales calls, reaching 800 physicians, representing good penetration into its initial tier one targets. During this same timeframe, 600 test kits were placed in targeted accounts, resulting in early adopter BREVAGen™ use within two weeks of launch. The Company has commenced processing re-imbursements on initial BREVAGen™ test sales. As part of a longer term insured lives contracting and credentialing strategy, the Company has also commenced the credentialing process with the top-10 preferred provider organisations (PPOs) in the US, which represent more than 60 percent of covered lives in the US. In early October, the first PPO contract was finalised with additional contracts anticipated to be completed by the end of the December quarter.