GTG is still pitching its diagnostics even after switching to blockchain
Genetic Technologies is pushing out a better version of the breast cancer diagnostic test that its last board shifted away from.
Genetic Tech (ASX:GTG) says it’ll release the new test in October, which they’re pitching as an alternative to the so-called ‘Angelina Jolie test’ — the BRCA genetic test.
BRCA1 and BRCA2 are genes that cause high risk of breast and ovarian cancer if they mutate. Actress Angelina Jolie underwent a double mastectomy when she found she had the condition — which boosted rates of genetic testing among women.
GTG chief Dr Paul Kasian says he’s looking for licensing deals but will also try to sell the test directly to doctors who are using the BRCA test.
“BRCA testing alone only accounts for 5 to 10 per cent of breast cancers,” he said.
“Our new test, when combined with BRCA testing, will account for almost 100 per cent of breast cancers.”
While the BRCA only looks at a panel of 12 genes, GTG’s new test covers 77 mutations, Dr Kasian told Stockhead.
Genetics Techn sidelined its BrevaGen Plus diagnostic last year just before trying to sell itself.
A hostile takeover a few months later by a group of blockchain aficionados brought about a change of strategy towards becoming a distributed ledger medical data company.
But the company has stuck to its roots, rolling out a new breast cancer test and promising to roll out genetic tests for prostate cancer, melanoma, Type 2 diabetes and cardiovascular disease over the next 12 months.
Dr Kasian says the blockchain projects aren’t at a stage where he can talk about them.
They include an agreement with Omix Ventures Private Limited, which ran the Project Shivom Initial Coin Offer in Australia, to share unspecified Indian population data; and a Heads of Agreement with Swisstec Health Analytics in June to look into a joint venture to develop a blockchain-based health management site.
As at the end of the March quarter Genetic Tech had $6.5 million left to achieve its dreams, and outgoings of $1.5 million.
Of that, $801,000 was spent on staff costs, a figure it expected to slash by 25 per cent. And $627,000 went on admin, a figure it expected to rise by 20 per cent.
The company’s share price has been relatively stable at 1c since late April.