Genetic Technologies, Ltd. (NASDAQ:GENE) Skyrockets on News of Licensing Agreement

Genetic Technologies, Ltd. (NASDAQ:GENE) announces news of key licensing agreement with the University of Melbourne.

Shares of Genetic Technologies Ltd. (GENE) practically doubled in Tuesday’s session following a key licensing agreement. The company announced the signing of an exclusive worldwide license agreement with the University of Melbourne for the development and commercialisation of a novel colorectal cancer (CRC) risk assessment test.

Note that the terms and conditions of the agreement are confidential, but Genetic will be responsible for the commercial development of the test. Additionally, the University of Melbourne and Genetic will begin an ongoing research collaboration enabling the company to leverage the university’s expertise in SNP-based risk assessment and risk model development.

The fundamental technology is similar to the BREVAGenplus test and should fit into the company’s existing infrastructure and processes.

The CRC test represents a significant milestone for the company as it seeks to diversify its product pipeline and become a key player in the SNP-based cancer risk assessment landscape.

For some brief background: Excluding skin cancers, CRC is the third most common cancer diagnosed in both men and women in the United States. Overall, the lifetime risk for developing CRC is about one in 20. As with breast cancer, early diagnosis is key. When diagnosed at an early stage (before the disease has spread outside the colon), the relative five-year survival rate for CRC is 92% and 87% for rectal cancer, according to the American Cancer Society.

Eutillio Buccilli, executive director and CEO of Genetic Technologies, commented:

This is an exciting time for the Company as we commence this strategic alliance with The University of Melbourne. The relationship with the University is comprehensive and highlights our overall corporate mission to become a leader in the genomics focused oncology diagnostics’ industry while enhancing our pipeline of risk assessment products.

Mark Jenkins, Professor of Epidemiology and Biostatistics at the University of Melbourne, added:

The licensing Agreement with Genetic Technologies provides us with a wonderful opportunity to work with an organisation that is a leader in the field of genomics for precision public health. Furthermore, Genetic Technologies provides the University with an established platform that will facilitate the transition of our scientific work into the clinical arena.

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Genetic Technologies, Ltd. (NASDAQ:GENE) shares are trading +63.73% on the news and in the range of $1.62 – 2.89 during the current trading session.  When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock.  Sell-side research firms on Wall Street currently have a consensus one-year price target of $12.50 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.

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Sell-side analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-1.72 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading +48.82% away from its 50-day moving average of $1.44.  Based on the most recent available data, the equity is -44.70% off of its 52-week high of $3.87 and +78.33% away from its 52-week low which is $1.20

Today, the stock opened at $1.67 and the last bid at the time of writing stood at $2.14.  During the session thus far, the equity dipped down to $1.62 and touched $2.89 as the high point.  Genetic Technologies, Ltd. (NASDAQ:GENE) has a market cap of $24.47M and has seen an average daily volume of 56,016 over the past three months.

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