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Genetic Technologies: ImmunAid secures A$1m in cornerstone funding

Genetic Technologies: ImmunAid secures A$1m in cornerstone funding

Genetic Technologies’ (ASX: GTG, NASDAQ: GENE) subsidiary ImmunAid is now sufficiently funded to advance its proprietary technology aimed at improving treatment outcomes in chronic diseases, such as cancer, after netting A$1 million through a private placement to U.S., European and Australian sophisticated investors.

ImmunAid will use the proceeds from the financing to progress and secure further patents and to support human and animal trials directed at validating applications of the technology.

The research undertaken as part of the ImmunAid project has discovered a phenomenon of the immune cycle which shows that the immune system switches itself “on and off” in a continuous and repetitive cycle in patients with chronic diseases such as cancer and HIV.

A critical insight made by the inventor behind the ImmunAid research is that the timing of the administration of chemotherapy may determine a patient’s response.

Prior to the recent placement Genetic held a 70% stake in ImmunAid.

Through the placement, collectively, the investors now hold a 10% stake in the subsidiary.

Genetic chose not to participate in the placement so it could maintain its focus on building the BREVAGen™ franchise.

Its current stake in ImmunAid is valued at over $4.5 million. 

Cancer Diagnostics

Genetic is using the latest technology to identify changes in DNA to either confirm a diagnosis of a specific disorder of which a person displays signs or symptoms, or to identify individuals at risk of developing a disease before any symptoms appear.

The company is aiming to establish itself as a cancer diagnostics business and the first product launched as part of this strategy is the BREVAGen™ breast cancer risk stratification test.

BREVAGen™, which was launched in the U.S. in June, is a novel genetic test panel that examines a patient's DNA to detect the absence or presence of certain common genetic variations associated with an increased risk for developing breast cancer.

The test is designed to help physicians assess aggregate breast cancer risk from these genetic markers, plus factors from a standard clinical assessment based on a patient's family and personal history, therefore giving a clearer picture of an individual woman's risk of developing breast cancer.

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Genetic Technologies Timeline

March 06 2015
September 09 2014

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