Genetic Technologies: California Marks Final Steps to U.S. Penetration of BrevaGen™

In a press release this morning Genetic Technologies (NASDAQ:GENE) announced that California has cleared the company’s breast cancer DNA test BrevaGen™ for sale into the state. The assay screens women for genetic predisposition to breast cancer and is now available in almost every state through Clinical Laboratory Improvement Amendment (CLIA) guidance for diagnostics. According to the company, California has 11% of the country’s breast cancer incidents and represents a significant portion of the market. GENE is up over 25% this morning and may continue to rise as the company has licensure applications pending in Florida and New York. They expect Florida’s approval soon and, given positive gains on the CA announcement, shares will most likely rise.