gtg on sydney morning herald

Genetic Tech shares soar on profit news
Eli Greenblat
January 28, 2011 - 11:15AM
Junior biotech company Genetic Technologies has announced a rare feat in the Australian life-sciences sector, reporting this morning it will generate a maiden profit for the half-year.

The company said in a statement to the Australian Securities Exchange this morning that based on unaudited results, it is anticipated that the net profit after tax would be approximately $4.3 million.

The news sent stock up 1 cent, or 8.7 per cent, to 12.5 cents.

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Total revenues for the half-year to December 31 were up significantly to more than $14 million. This compared with the total revenues for the previous half-year ended December 31, 2009 of $5 million and for the full financial year ended June 30 2010, of nearly $10 million.

"This increase was due largely to receipts from a number of new non-coding licenses granted by GTG to parties including Innogenetics, Pioneer Hi-Bred International and Qiagen, together with a solid performance from the company's genetic testing operations," the company said.

As at December 31, Genetic Technologies said its cash reserves were approximately $8.4 million, a 155 per cent increase over the cash balance at June 30, 2010 of $3.3 million.

Genetic Technologies has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all species.

It is seeking global commercialisation of its patents through an active licensing program, the expansion of its dominant commercial genetic testing business with a focus on oncology and cancer management and the commercialisation of its various research and development projects aimed at generating further intellectual property of potentially global commercial significance.



Source
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http://www.smh.com.au/business/genetic-tech-shares-soar-on-profit-news-20110128-1a7jw.html