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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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This article Genetic Technologies Shares Jump After Strategic Alliance With Qiagen originally appeared on Benzinga.com

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