Health: Genetic Technologies has two new tests that check your risk for cancers

Shares in Genetic Technologies (ASX:GTG) have risen 71 per cent this morning — though off a low base — as the company announces it has developed two new tests for colorectal and breast cancer.

It follows a period of “substantial scientific research and genetic product development” and Genetic is now working on a commercialisation and distribution strategy for the products.

Scroll down for the ASX’s other health movements today.

GeneType for Colorectal Cancer and GeneType for Breast Cancer are now being promoted as the company’s lead products. They are cancer risk assessment tests that can determine a patient’s risk profile for the cancers over a period of time by taking into account genetic makeup, age, gender, ethnicity, lifestyle factors and family history.

The idea is for the products to be sold to healthcare providers through a global network of distribution partners. Genetic has been working with TGen in the United States and unnamed Chinese partners connected to the Hainan Free-Trade Zone.

Chairman and acting CEO Paul Kasian told investors of his pride in the company’s “world-class” scientific team as a worldwide push for personalised medicine takes hold.

“These tests allow government health leaders to directly target future screening to the most high-risk patients, thereby massively reducing health system costs and providing much better outcomes for patients,” he said.

“GTG’s proactive approach to disease management has the potential to save both lives and money by allowing the earlier detection of disease and focusing the use of limited healthcare resources to those most in need.

“Genetic testing is a growing industry world-wide and it is remarkable that the team has maintained thought and product development leadership in this competitive space.”

Kasian has been interim CEO since last year, following a boardroom coup backed by Melbourne investor Sam Lee who founded investment vehicle Blockchain Global.

A planned pivot towards blockchain as part of that has yet to come to fruition, but recent announcements suggest the company is going all in on genetic testing.

Genetic today told investors it would develop tests for type 2 diabetes and cardiovascular disease before the end of the year, with tests for prostate cancer and melanoma to come in 2020.

In other ASX health news today

McPherson’s (ASX:MCP) doing a deal with SugarBaby. McPherson’s is creating a joint venture with a private Australian company by the name of SugarBaby, to “create a unique and strengthened offering in the millennial beauty seekers segment of the market”. SugarBaby is a cosmetics and beauty company.

Simavita (ASX:SVA) gets $3m in funding for smart diapers. The money will go towards commercialisation of the “smart wearable” diaper maker’s AlertPLUS technology, which is described as a “highly disruptive technology focused on transforming a traditional ‘dumb’ diaper into a smart device to help parents and carers of both infants and adults”.