Genetic Technologies (ASX:GTG) has announced that it will form a strategic alliance with QIAGEN, a global leader in molecular testing with operations in 35 countries.
The alliance will establish and develop a 'Centre of Excellence' facility in Australia initially servicing Australia and New Zealand with potential for expansion.
Genetic Technologies said the relationship is expected to open a wide range of new commercial opportunities with enhanced automation capability and increased capacity supporting long-term revenue growth.
"Additionally, this initiative will unlock the Australian reimbursable market for all testing categories, including the geneType hereditary cancer test," it said.
"This will make the geneType Breast, Ovarian and Colorectal cancer tests the most comprehensive offering in the market later in 2023.
"Gaining reimbursement coverage for geneType cancer assessment tests is expected to accelerate the adoption of these tests by General Practice clinics where patients are able to undertake the test with minimal out-of-pocket expenses."
GTG's CEO Simon Morriss said, "We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner. After a period of extensive trialling throughout 2022 we are now onboarding this capability within our labs, and will see significant benefits with automation.
"We also see this relationship unlocking the reimbursable market within Australia, as our tests are progressively adopted by our local GP clinics. Finally and importantly, there is tremendous alignment between both organisations for growth in our region with planning already underway for a number of significant new emerging initiatives."
