ASX:GTG MCAP $45.08M
Molecular diagnostics company Genetic Technologies (GTG) has received a U.S. patent for its GeneType for Breast Cancer risk assessment tool.
Thought to be the most comprehensive platform on the market, GeneType for Breast Cancer combines clinical risk factors with the company’s polygenic risk model to determine whether a patient might be at a high, average or low risk of developing breast cancer.
This information is then used to guide individual preventative protocols in consultation with doctors and other medical professionals.
Breast cancer is often considered to be an inheritable disease, but according to the American Cancer Society, approximately 85 per cent of patients do not have a strong history of the condition.
George Mucknicki, CEO of Genetic Technologies, said the granted patent represents a substantial protective step for the company.
“The climate in the U.S. for genetic and biotech patents has been particularly challenging over the past few years and Genetic Technologies has been working hard to implement an intellectual property strategy to protect our products, enhancing the value proposition of both the tests and the company as a whole,” he added.
Separately, the company has used its experience from the patent application process to file a second, similar application related to COVID-19. Entitled ‘Methods of assessing risk of developing a severe response to coronavirus infection’, the tool will employ Genetic Technologies’ existing expertise in predictive risk modelling.
Under a research agreement with UK Biobank, the company has already begun analysing genomic and phenotypic data from 1500 COVID-19 patients. A prototype model has also been developed to identify which patients are most likely to require hospitalisation should they contract the virus.
George went on to say that, with the prototype model complete for the COVID-19 Severity Risk Test, he’s confident that there will be widespread interest as many regions continue to pivot their pandemic management strategies.
“GTG believes that this product, once developed and subject to any relevant regulatory approvals, may be effectively applied to manage a safe return to work in areas with high infection rates and help communities understand risk stratification to prioritise access to vaccines to those most vulnerable and susceptible to complications should they contract COVID-19,” he concluded.
Genetic Technologies’ share price remains unchanged in early trade, priced at 0.6 cents each.