- Genetic Technologies (GTG) has entered the mental health market after signing a three-year distribution partnership with Taliaz
- The agreement will see GTG distribute Taliz's PREDICTIX software product in Australia, New Zealand and the U.S.
- PREDICTIX helps support psychiatrists and general practitioners detect mental health disorders, particularly depression
- However, the agreement relies on the product getting regulatory clearance by the Therapeutic Goods Administration (TGA) in Australia and the U.S. Food and Drug Administration (FDA)
- On market close, GTG is up 21.4 per cent and is trading for 0.9 cents per share
Genetic Technologies (GTG) has signed a three-year distribution partnership with mental health company Taliaz.
Under the agreement, GTG will distribute Taliaz's PREDICTIX products in Australia, New Zealand and the U.S.
Generally, Genetic Technologies provides patients and healthcare professionals with risk assessment tools to develop personalised health management plans to detect chronic diseases early on.
PREDICTIX is an advanced software that supports psychiatrists and general practitioners detect mental health disorders, particularly depression, in their patients. The product can improve today's antidepressant prescribing accuracy by 47 per cent.
GTG's interim CEO George Muchnicki is pleased to partner with Taliaz.
"This distribution agreement is our first external product partnership and our first product within the mental health vertical," he said.
The deal relies on the product receiving regulatory clearance by the Therapeutic Goods Administration (TGA) in Australia and the U.S. Food and Drug Administration (FDA).
Once the product receives the green ticks, GTG has committed to distributing a minimum of of 7000 tests over the three years.
The company is predicting PREDICTIX will be made available for sale and distribution in Australia and New Zealand in the third quarter of 2021.
How does PREDICTIX work?
PREDICTIX aims to address the growing burden on society from depression, with one in 10 Americans and one in eight Australians prescribed antidepressants per year.
"Mental health has remained at the forefront of media discussions and government initiatives within Australia, New Zealand and globally due to the ongoing social and economic impact and given the impact from the current global pandemic," he added.
The technology uses multiple data streams, such as patients' genomic, clinical history and demographic background- providing doctors with a personalised patient report.
The report then ranks the efficacy and potential side effects of various antidepressant medication based on each patient's genetic makeup and health record.
On market close, GTG is up 21.4 per cent and is trading at 0.9 cents per share.