Genetic Technologies Shares Jump After Strategic Alliance With Qiagen
Genetic Technologies Limited (NASDAQ: GENE) agreed to form a strategic alliance with Qiagen NV (NYSE: 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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