EX-99.1 2 a14-24830_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

ASX ANNOUNCEMENT

19 November 2014

 

Divestment of Australian heritage business completed

 

Melbourne, Australia; 19 November 2014: Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company” ) is pleased to announce that it has completed the sale of its heritage Australian Genetics business (“Australian Genetics”) to Specialist Diagnostics Services Ltd (“SDS”), the wholly owned pathology subsidiary of Primary Health Care Ltd. Under the terms of sale, SDS acquired the Australian Genetics business for $2.0M, in cash.

 

The divestment of the Australian Genetics business follows the Company’s announcement on 15 September 2014, of plans to sell non-core assets and focus business activities on the US molecular diagnostics market and commercialisation of the Company’s lead breast cancer risk test BREVAGenplus®.

 

Genetic Technologies’ Chief Executive Officer Alison Mew commented on the sale saying, “The divesture of the Australian Genetics business represents another material milestone in our transformation to becoming a streamlined and focused molecular diagnostics company committed to the commercialisation of our flagship breast cancer risk test, BREVAGenplus. Implementation of the restructure plans continue and are on track for completion over the next quarter.”

 

FOR FURTHER INFORMATION PLEASE CONTACT

 

Ms Alison Mew

Candice Knoll (USA)

Chief Executive Officer

Blueprint Life Science Group

 

 

Genetic Technologies Limited

+1 (415) 375 3340, Ext. 105

Phone: +61 3 8412 7000

 

 

About Genetic Technologies Limited

 

Genetic Technologies is an established diagnostics company with more than 20 years of experience in commercializing genetic testing, non-coding DNA and product patenting.  The Company has operations in Australia and the U.S. and is dual-listed on the ASX (Code: GTG) and NASDAQ (Ticker: GENE).  Genetic Technologies is focused on the commercialization of its patent portfolio through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics assets.  Its U.S. subsidiary, Phenogen Sciences Inc., offers novel predictive testing and assessment tools to help physicians proactively manage women’s health.  Phenogen’s lead product, BREVAGen™, is a first in class, clinically validated risk assessment test for non-familial breast cancer.

 

For more information, please visit http://www.gtglabs.com and http://www.phenogensciences.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

 

Genetic Technologies Limited · Website: www.gtglabs.com · Email: info@gtglabs.com  ABN 17 009 212 328

Registered Office · 60-66 Hanover Street Fitzroy Victoria 3065 Australia · Postal Address P.O. Box 115 Fitzroy Victoria 3065 Australia

Phone +61 3 8412 7000 · Fax +61 3 8412 7040

 


 

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.

 

Genetic Technologies is an ASX and NASDAQ listed company with operations in the USA and Australia. For more information, please visit www.gtglabs.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.