Shares of Genetic Technologies Ltd. (GENE) shares surged over 100% on Wednesday morning. The molecular diagnostics company said it has filed a provisional patent for its COVID-19 Severity Risk Test with the Patent Office in Australia.
GENE is currently trading at $3.51, up $1.25 or 55.31%.
Genetic Technologies is developing a Polygenic Risk Score test for COVID-19, which may enable an assessment of risk of an individual developing a serious disease should they contract the COVID-19 virus. The test is intended to predict ‘disease severity’ using a combination of genetic and clinical information.
Genetic Technologies (GENE)’s Prototype Development
Genetic Technologies is developing a Polygenic Risk Score (PRS) test for COVID-19, which may enable an assessment of risk of an individual developing a serious disease should they contract the COVID-19 virus. The test is intended to predict ‘disease severity’ using a combination of genetic and clinical information.
- First successful working prototype developed on a data sample of approximately 3,000 patients
- Options for clinical risk model currently being evaluated
- The Company is in discussions with several international biobanks and clinical laboratories to source an independent cross-validation dataset
The Company has established strong relationships with international biobanks that enable them to secure additional, current COVID-19 patient data to continuously refine the COVID-19 Severity Risk Test. This data is crucial to the completion of the development and validation of the COVID-19 Severity Risk Test.
Genetic Technologies (GENE)’s Implementation
Genetic Technologies has commenced ordering its first SNP array panel from US-based Thermo Fisher Scientific, the world leader in genetic testing and Genetic Technologies’ manufacturing partner for GeneType products. The SNP array panel is a key reagent that is required to process the polygenic risk test portion of the COVID-19 Severity Risk Test, which is intended to categorize individuals as being of high, average or low risk of developing life-threatening conditions due to COVID-19.
“We see ourselves playing a very important part in responding to COVID-19 and we’re moving quickly to mobilise our partners to develop the right tools and technology to manage this pandemic,” said Genetic Technologies Chief Executive Officer Dr George Muchnicki. “We believe that the COVID-19 Severity Risk Test has the potential to play a critical role in how companies, governments and entire countries understand and manage preventative protocols moving forward.”
Furthermore, Genetic Technologies has confirmed capacity to scale up production for a global-roll out of the COVID-19 Severity Risk Test (reagent and SNP array panel) with major manufacturers, including Thermo Fisher Scientific. The product uses technical components that are already being produced by healthcare manufacturers for other genetic-based tests, which will support the Company’s plans to accelerate production to meet anticipated global demand. Genetic Technologies’ Australian facilities will have the capacity of producing up to 250,000 tests per year. The scale-up of manufacturing will require global distribution partnerships if COVID-19 Severity Risk Test is widely adopted.
In anticipation of high demand, Genetic Technology expects to make its data pack for the COVID-19 Severity Risk Test available to global labs.
Is Genetic Technologies (GENE) a reliable investment?
Shares of Genetic Technologies (GENE) appear to be a very good investment option, the Money Midnight Indicator is expecting its price to increase considerably in the next several months. The majority of the metrics point to this investment being highly attractive.
Looking for an easier way to beat the market? Get Money Signals straight to your phone with over 50% in profits! Join now!