In-Depth Look At Genetic Technologies And Its Skyrocketing Share Price (GENE)

Genetic Technologies Limited GENE, the first Australian CLIA approved laboratory, had its stock nearly double in price today on news of a newly approved breast cancer test. Genetic Technologies has gained certification of its Australian laboratory under the US Clinical Laboratories Improvements Amendments regulated by the Centers for Medicare and Medicaid. The certification was issued by the CMS central office, which is responsible for approving non-US laboratories. BREVAGen (formerly MammaPLUS), which Genetic Technologies bought for only $1.5 million, was actually released in the U.S back in 2009 by Perlegen Sciences. Perlegen quickly and quietly closed their doors only one month after the announcement of BREVAGen. Now, less than two years later, BREVAGen is being reintroduced into the U.S. market. Moreover, the day Genetic Technologies issues a press release for the new test, their stock almost doubles in price. What is BREVAGen? BREVAGen is a breast cancer risk stratification test 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, together with factors from a standard clinical assessment based on a patient's family and personal history. These factors combine to give a clearer picture of an individual woman's risk of developing breast cancer. The BREVAGen test is marketed as particularly useful for women at intermediate risk of developing breast cancer, including those who have undergone breast biopsies. The market is cheering the potential of this test, as witnessed by the company's stock price, which has soared 84% on Wednesday to $5.83.