Benzinga | Jun 1, 2021 05:11AM EDT

Genetic Technologies Announced its GTG COVID-19 Risk Test Was Launched in the US

Genetic Technologies Limited (NASDAQ:GENE) confirms the launch of GTG's COVID-19 Serious Disease Risk Test (COVID-19 Risk Test') by US Based Infinity BiologiX LLC (IBX'). Genetic Technologies advises that IBX launched the COVID-19 Risk Test in the US on 28 May 2021, having received all regulatory approvals1. IBX, in collaboration their telehealth partner, will produce, distribute, and sell the COVID-19 Risk Test across its network. Released under GTGs powered by GeneType' brand IBX will leverage their extensive experience with large-scale SARS-CoV-2 testing and sample processing. Through its labs in New Jersey and Minnesota and with partner organizations around the US, the company is able to process over 100,000 tests per day, however, IBX has not provided any initial volume guidance. The tests are available for sale in US via the IBX website, https://ibx.bio/services/covid-19-severity-test/, and their telehealth partner's website and retails at US$1752. As outlined in the initial release to the market dated 3 March 2021, GTG have exclusively co-licensed the test to IBX for a three-year term and receive minimum payments from IBX on a quarterly basis totalling US$850k in the first year and US$1.0 million in each of the second and third years with an underlying royalty structure based on a per unit pricing of US$10. -END- Authorised by the Board of Genetic Technologies GTG COVID-19 Risk Test launched in USA Melbourne, Australia, [21] October 2020: Molecular diagnostics company Genetic Technologies Ltd ((ASX: GTG, NASDAQ:GENE, "Company")), provides the following update to the market. Key highlights Final testing and validation underway on the Company's COVID-19 Polygenic Risk Severity (PRS) test with expected completion in the next four weeks Late stage discussions occurring with a US based laboratory to enhance potential capacity and provide large scale population testing for COVID-19 across the US Launch of the Australian Consumer Initiated Testing (CIT) platform for the sale of GeneType for Breast Cancer and Colorectal Cancer Confirmation of submission of technical paper, An integrated clinical and genetic model for predicting risk of severe COVID-19', to a peer-reviewed journal for publication Genetic Technologies confirms receipt of the Thermo Fisher arrays required for the final stage testing of the COVID-19 PRS test. The laboratory validation has now commenced in GTG's CLIA Accredited lab in Australia and the Company anticipates that this pro