NEW YORK, NY / ACCESSWIRE / July 17, 2018 / Genetic Technologies saw big gains on news that its breast cancer and colorectal cancer risk assessment tests are on track. Shares of Innovate were headed in the opposite direction on news that the company has filed a securities registration statement amendment with the SEC to issue up to $175 million of new stock and to sell 14 million shares of existing stock.
RDI Initiates Coverage on:
Genetic Technologies Limited
Innovate Biopharmaceuticals, Inc.
Genetic Technologies Limited shares closed up almost 36% on about 24.5 million shares traded. The gains came after the company announced that both its new breast cancer and colorectal cancer risk assessment tests are on track for release in October 2018. Genetic Technologies also said that it has begun development of other cancer and disease targets for its predictive technologies. In the next 12 months, the company intends to have tests available for melanoma, type 2 diabetes, prostate cancer, and cardiovascular disease. CEO Dr Paul Kasian stated, "This is a very exciting time for GTG. We are now offering an opportunity for doctors to improve their ability to assess a patient's breast cancer risk. Our new test, when combined with BRCA testing, will account for almost 100% of breast cancers. Currently BRCA testing alone only accounts for 5 to 10% of breast cancers. Added to this our expanded range of tests will allow doctors to assess a patient's risk to some of the most common causes of morbidity and mortality."
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Innovate Biopharmaceuticals, Inc. shares were down 65.91% at the close on Monday, with nearly 2.8 million shares traded. The stock tanked after Wall Street learned that the company had filed a securities registration statement amendment with the U.S. Securities and Exchange Commission (SEC) last week detailing the company's plans to issue up to $175 million of new stock and to sell nearly 14 million shares of existing stock. Innovate's filing was accepted by the SEC after the market closed on Friday. The company is gearing up to start a phase 3 clinical study that evaluates its lead candidate larazotide acetate (or INN-202) in treating celiac disease. Innovate announced last month that it has agreed to collaborate with Professor O. Colin Stine, Ph.D., at the University of Maryland School of Medicine, whose research is focused on the study of molecular mechanism of bacterial invasion of the intestinal barrier and disruption of the microbiota in several infectious diseases. Dr. Stine said, "Larazotide is the only known molecule in late stage clinical trials that decreases intestinal permeability. Permeability of the intestinal barrier and its modulation by the microbiota are fundamental processes underlying several diseases such as Environmental Enteric Dysfunction, known as EED, and autoimmune/inflammatory diseases including celiac disease, non-alcoholic steatohepatitis and inflammatory bowel diseases."
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