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genetic technologies ltd (GNTLF) Key Developments

Genetic Technologies Limited Plans for the Restructure and Realignment of Group Activities

Genetic Technologies Limited announced that it plans for the restructure and realignment of group activities. These changes will enable the company to focus its strategy on the US molecular diagnostics market and commercialisation of the company's lead breast cancer risk test BREVAGenTM. The restructure and realignment of group activities follows a recent review of operations by the company aimed at supporting the company's US MDx strategy. The core plans approved by the board include: the sale /divestment of non-core assets; the realignment of internal cost structures through a disciplined approach to cost management and capital allocation being driven by the recently appointed CFO; a board restructure, including the appointment of new directors, to support and enhance company's focus on the US MDx market; and a proposed company name change to represent a MDx focus. The plans being implemented are targeted for completion over the next quarter, and are expected to provide investors with a focused MDx company and refined US commercialisation strategy for BREVAGen, with a significantly reduced operating cost base.

Genetic Technologies Limited Reports Consolidated Earnings Results for the Year Ended June 30, 2014

Genetic Technologies Limited reported consolidated earnings results for the year ended June 30, 2014. For the year, the company reported loss from continuing operations before income tax expense of $10,134,469, loss attributable to owners of the company of $10,125,197 or 1.76 cents per basic and diluted share on revenue from continuing operations ­ genetic testing services of $4,564,280 against loss from continuing operations before income tax expense of $9,349,483, loss of $9,349,483, loss attributable to owners of the company of $9,298,367 or 1.97 cents per basic and diluted share on revenue from continuing operations ­ genetic testing services of $3,377,183 for the same period a year ago. Net cash flows used in operating activities of $10,987,088 against $7,516,779 for the same period a year ago. Purchases of plant and equipment were $47,917 against $53,611 for the same period a year ago.

Genetic Technologies Limited Appoints Eutillio Buccilli as Chief Financial Officer, Effective 2 June 2014

Genetic Technologies Limited announced the appointment of Mr. Eutillio Buccilli to the role of Chief Financial Officer, effective 2 June 2014. Mr. Buccilli joins Genetic Technologies after more than 35 years of senior management experience in the financial services, contracting and recruitment, property and retail industries in Australia and the USA.

Genetic Technologies Limited Announces Consolidated Cash Flow Results for the Third Quarter and Nine Months Ended March 31, 2014

Genetic Technologies Limited announced consolidated cash flow results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported negative net operating cash flows of AUD 2,455,012 and payment for the acquisition of physical non-current assets of AUD 11,828. For the nine months, the company reported negative net operating cash flows of AUD 7,698,315 and payment for the acquisition of physical non-current assets of AUD 27,113.

Genetic Technologies Executes Settlement, Covenant and License Agreement with Promega Corporation

Genetic Technologies Limited reported the execution of a settlement, covenant and license agreement with Promega Corporation. Under this agreement, GTG grants broad rights to Promega in relation to GTG's Intron Sequence Analysis and Genomic Mapping patents. The precise commercial terms of this Agreement are covered by formal confidentiality provisions and cannot be disclosed.

 

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