Genetic Technologies (GENE) is an established diagnostics company with more than 20 years of experience in commercializing genetic testing, non-coding DNA and product patenting. The company has operations in Australia and the U.S. and is dual-listed. Genetic Technologies is focused on the commercialization of its patent portfolio through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics assets. Its U.S. subsidiary, Phenogen Sciences, offers novel predictive testing and assessment tools to help physicians proactively manage women's health. Phenogen's lead product, BrevaGen, is a first in class, clinically validated risk assessment test for non-familial breast cancer.
Genetic Technologies announced today that it has received European CE Mark approval for BrevaGen, the company's breast cancer risk test. The CE Mark designation will allow BrevaGen to be sold in the EU and other countries that recognise the CE Mark. The initial commercial focus will be in the key markets of France and Germany. The test was launched in June 2011 in select regions in the U.S. and is currently available in 48 U.S. States.
The company reported the second-quarter financial results on July 31st with the following highlights:
|Net cash outflows||AUD2.2 million|
The stock has a $8 price target from the Point and Figure chart. I believe the target price is achievable during the next 12-24 months.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in GENE over the next 72 hours.