Genetic Technologies Transitions to Online Commercial Platform for BREVAGenplus®
21 September 2017 - 7:30PM
Genetic Technologies Limited (ASX:GTG) (NASDAQ:GENE) (“Company”), a
molecular diagnostics company specialising in cancer genomics, and
provider of BREVAGenplus®, a first-in-class, clinically validated
risk assessment test for non-hereditary breast cancer, announced
today that it will transition the product’s commercial program to
an ecommerce based solution. Under the new program, the consumer
will be able to initiate the testing by accessing the Consumer
Initiated Testing (CIT) platform via the Company’s U.S. subsidiary,
Phenogen Sciences, Inc. website, by visiting www.brevagenplus.com.
“Since embarking on the commercial launch of
BREVAGenplus we have been steadfast in exploring the optimal
methodology to effectively market the product without comprising
resources. Our recent shift to a patient self-pay program
coupled with the on-going operational strategic review served as
catalysts to transform the commercial program into a pure ecommerce
system enabling us to manage in totality, a streamlined
organisation that is conserving capital without comprising
commercial activities,” commented Mr. Eutillio Buccilli, Chief
Executive Officer of Genetic Technologies Limited.
CIT provides testing under the guidance and
management of a remote physician using guideline driven protocols
to ensure;
- A two-way patient physician relationship is established
- Appropriate informed consent is obtained
- Results are interpreted correctly
- Abnormal results are flagged responsibly and communicated in a
way to drive action
- State guidelines are being met for the ordering of laboratory
tests
- Next steps are provided and the individual is triaged to local
care when called for
A CIT platform, complemented by direct to
consumer advertising, can reach two primary audiences through
various channels and mediums. First, the patient that qualifies for
the product may be reached through multiple promotional
publications and second, the healthcare provider that focuses on
women’s health and the administration of better breast health. The
CIT strategy is currently used in the market by U.S. based
laboratories with the patient having the ability of ordering the
test through a user friendly platform that is authorised by a
licensed healthcare provider. CIT offers the inclusion of a
licensed healthcare provider, patient qualification and direct
advertising channels to the targeted audiences.
In April of 2017, in an effort to simplify the
customer experience, the Company switched its billing model from a
traditional reimbursement system through medical insurance
providers, to a direct patient self-pay system, with a new reduced
list price of USD $349.00 per test. The rationale behind the change
in the billing system was based on the recognition that gaining
adequate payment for BREVAGenplus, through a CPT miscellaneous
code, had become increasingly difficult over the past few years.
Furthermore, by converting to a direct pay relationship with
patients, the Company added certainty to the transaction, thus,
eliminating issues such as low levels of reimbursement, prolonged
payment time, patient confusion around eligibility and financial
responsibility and poor coverage.
Under the refined commercial program, the
Company will continue to provide product consulting and educational
resources to the physician and patient communities. A BREVAGenplus
dedicated staff member will be available telephonically to address
incoming product specification queries and provide counsel to
parties interested in learning more about the test.
About Genetic Technologies
Limited
Genetic Technologies is a molecular diagnostics
company that offers cancer predictive testing and assessment tools
to help physicians proactively manage patient health. The Company’s
lead product, BREVAGenplus®, is a clinically validated risk
assessment test for non-hereditary breast cancer and is first in
its class. BREVAGenplus is designed to facilitate better
informed decisions about breast cancer screening and preventive
treatment plans, and is directed towards women aged 35 years or
above, who have not had breast cancer and have one or more risk
factors for developing breast cancer.
The Company markets BREVAGenplus, through its
U.S. subsidiary Phenogen Sciences Inc., to healthcare professionals
in comprehensive breast health care and imaging centres, as well as
to obstetricians/gynaecologists (OBGYNs) and breast cancer risk
assessment specialists (such as breast surgeons). For more
information, please visit www.brevagenplus.com and
www.phenogensciences.com.
Genetic Technologies is developing a pipeline of
risk assessment products including a novel colorectal cancer test.
For more information, please visit www.gtgcorporate.com
Safe Harbor Statement
Any statements in this press release that relate
to the Company's expectations are forward-looking statements,
within the meaning of the Private Securities Litigation Reform
Act. The Private Securities Litigation Reform Act of 1995
(PSLRA) implemented several significant substantive changes
affecting certain cases brought under the federal securities laws,
including changes related to pleading, discovery, liability, class
representation and awards fees. Since this information may
involve risks and uncertainties and are subject to change at any
time, the Company's actual results may differ materially from
expected results. Additional risks associated with Genetic
Technologies' business can be found in its periodic filings with
the SEC.
FOR FURTHER INFORMATION PLEASE CONTACT
Mr. Eutillio Buccilli
Executive Director & Chief Executive Officer
Genetic Technologies Limited
+ 61 3 8412 7050
Jason Wong (USA)
Blueprint Life Science Group
+ 1 (415) 375 3340, Ext. 4
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