Genetic Technologies Shares Jump After Strategic Alliance With Qiagen

  • Genetic Technologies Limited GENE agreed to form a strategic alliance with Qiagen NV QGEN to establish and develop a 'Centre of Excellence facility in Australia.
  • Qiagen will support the improvement of GTG capabilities through software, hardware, consumable and technical solutions.
  • Genetic Technologies CEO Simon Morriss said it was an exciting opportunity for the company.
  • "We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner," he said.
  • "After extensive trialing throughout 2022, we are now onboarding this capability within our labs and will see significant benefits with automation.
  • "We also see this relationship unlocking the reimbursable market within Australia, as our local GP clinics progressively adopt our tests."
  • The deal will also open the door to a wide range of new commercial opportunities for Genetic with greater automation capability and increased capacity, leading to long-term revenue growth.
  • Genetic Technologies said the partnership would make its geneType breast, ovarian and colorectal cancer tests the "most comprehensive offering" in the market in 2023.
  • Price Action: GENE shares are up 6.16% at $0.97 on the last check Wednesday.
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