Genetic Technologies (AU:GTG) has released an update.
Genetic Technologies Limited has significantly reduced its operating costs through a strategic restructure, cutting monthly expenses from $800k to $300k by outsourcing lab testing to its US partner. This move, combined with a strong focus on expanding their geneType and EasyDNA platforms globally, positions the company for potential growth in the B2B market, particularly in the US. Additionally, the successful ban on the use of genomic information by the life insurance industry in Australia is expected to boost consumer adoption of genetic testing.
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