GENE - Genetic stock soars ~45% on plans to launch test to detect risk of breast ovarian cancers

• Genetic Technologies ( NASDAQ: GENE ) said it will launch the 'World First' comprehensive risk assessment test evaluating women's risk of developing breast and/or ovarian cancer either from a hereditary genetic mutation or from familial or sporadic cancer.
• The test provides a risk assessment in a saliva test and will be showcased at the BRCA 2023 Symposium in Montreal in early May, the company added.
• The company noted that the test will be clinically validated and have appropriate regulatory approval.
• Genetic said that the test platform addresses women over 30 years of age who are at higher risk of developing breast and/or ovarian cancer.
• "We are moving beyond rare cancer-susceptibility genetics. We can look for the needle in the haystack, but we are also able to look at the haystack itself. Our non-invasive risk assessment test will address cancer risk at a population health level," said Genetic CEO Simon Morriss.
• The company plans to launch the test via its business to business (B2B) and consumer initiated testing (CIT) channels in the U.S.
• GENE +46.94% to $1.47 premarket Feb. 3

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