Where Is The Bottom? Genetic Technologies Limited (NASDAQ:GENE) Is In News

Genetic Technologies Limited (NASDAQ:GENE) is trading sharply lower in the pre-market session  after the news on Tuesday.

Genetic Technologies’ COVID-19 Risk Test Now Available in US through Partnership with Infinity BiologiX

  • GENE announced the official launch of its COVID-19 Serious Disease Risk Test (‘COVID-19 Risk Test’) in the US through its partnership with Infinity BiologiX LLC (‘IBX’). IBX will produce, distribute, and sell GENE’s test across its established network, https://ibx.bio/services/covid-19-severity-test/
  • Designed to predict disease severity using genetic and clinical information the test provides a risk score to help individuals aged 18 years and over to understand their personal risk of contracting a serious case of COVID-19. In addition, employers, governments, and other public health entities may use the data to make informed decisions about disease risk, treatment options, and vaccination priorities. This will assist in guiding proactive steps to minimize disease exposure and manage the pandemic in the weeks and months ahead.
  • IBX is a market-disrupting central laboratory supporting academia, government, and industry. IBX provides global sample collection, processing, storage, and analytical services integrated with scientific and technical support in both the research and clinical arenas.
  • As a leader in biomaterials, IBX provides support to the development of diagnostics, therapeutics, and research in the genomics, precision, and regenerative medicine arenas.

“This is a fantastic milestone for our team,” commented Simon Morriss, CEO of Genetic Technologies. “Our COVID-19 Risk Test is a crucial product that will provide individuals with the ability to understand their personal risk associated with contracting a serious case of this disease. Alongside existing treatment options and vaccines, we believe this test will enable more insightful decisions for states, workplaces and individuals on pathways forward in managing this pandemic.”

Market Action

As of 8:26, GENE stock fell $0.28 or 7% to $3.83. So far the stock has traded 108K shares traded hands.

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