"We are excited to partner with Genetic Technologies, world-leaders in the genetic risk assessment space. This new partnership will support rapid commercialization of PREDICTIX to help more depression sufferers in Australia, New Zealand and the USA." Dekel Taliaz, CEO & Co-founder, Taliaz
TEL AVIV, Israel (PRWEB) December 02, 2020
Taliaz, a mental health startup harnessing artificial intelligence (AI) to revolutionize mental health treatment and management, today announced that it has entered into a three-year partnership agreement with molecular diagnostics leader, Genetic Technologies Ltd (ASX: GTG; NASDAQ: GENE, the ‘Company’) (GTG) for the distribution of its PREDICTIX products in Australia, New Zealand and the USA, pending regulatory approval.
Starting in the field of depression, the new agreement will accelerate global commercialization of Taliaz’s pioneering decision-support and management platform, while supporting GTG to expand its product offering and the establishment of a mental health vertical. This announcement follows Taliaz’s recent $2.7 Million EU Horizon funding awarded earlier this month.
Under the terms of the binding agreement, Taliaz will grant GTG exclusive distribution to its PREDICTIX products within Australia and New Zealand for a period of three years and non-exclusive distribution rights within the United States.
With 1 in 10 Americans  and 1 in 8 Australians  prescribed antidepressants per year, PREDICTIX empowers psychiatrists and general practitioners to provide a more accurate and rapid treatment plan for patients. This helps reduce treatment costs and the growing burden on society from depression.
The PREDICTIX technology uses AI to analyse multiple streams of patients’ data, including genetic, metabolic, demographic and clinical information. Doctors receive a personalized patient report that ranks the statistical efficacy and potential side effects of various antidepressant medications based on each patient’s genetic makeup and health record. PREDICTIX can improve today’s antidepressant prescribing accuracy by 47% .
PREDICTIX is CE-registered and commercially available in the UK, France and Israel, with the process underway for Therapeutic Goods Administration (TGA) approval in Australia.
Dekel Taliaz, CEO and Co-founder of Taliaz said, “We are excited to partner with Genetic Technologies, world-leaders in the genetic risk assessment space. This new partnership will support rapid commercialization of PREDICTIX to help more depression sufferers in Australia, New Zealand and the USA, while adding a complementary and advanced mental health solution to GTG’s growing suite of DNA tests.”
George Muchnicki, GTG’s Interim CEO stated: ‘We are incredibly pleased to have partnered with Taliaz to bring their predictive and personalized mental health product to Australia and New Zealand. GTG are at the forefront of providing personalized and predictive products to empower patients to make informed decisions about their health. This distribution agreement is our first external product partnership and our first product within the mental health vertical. 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. We look forward to working closely with the Taliaz team to deliver their product into these markets at this critical time.”
Taliaz is currently in the process of raising an additional round of investment to further accelerate and expand commercial efforts with healthcare systems, payors, providers, DNA laboratories and telemedicine providers globally.
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About Genetic Technologies
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.
For more information, please visit http://www.gtglabs.com
Taliaz is revolutionizing the treatment and management of mental health disorders with PREDICTIX. PREDICTIX is a CE-registered product that provides an advanced decision support software for psychiatrists and general practitioners. Harnessing artificial intelligence, PREDICTIX can enable easy, effective and rapid patient assessment, improved prescribing precision and management for a wide range of mental health conditions. Starting in the field of depression, the PREDICTIX Genetics and PREDICTIX Digital products can improve today’s prescribing accuracy by up to 47%4.
For more information, please visit predictix.ai.
1. Source: https://www.health.harvard.edu/blog/astounding-increase-in-antidepressant-use-by-americans-201110203624
2. Source: https://www.psychwatchaustralia.com/post/1-in-8-over-3-million-australians-are-on-antidepressants-why-is-the-lucky-country-so-miserable#:~:text=In%20the%202018%20financial%20year,SSRIs%20for%20depression%20or%20anxiety.&text=As%20shown%20in%20Table%201,antidepressant%2C%20in%202017%2D18.
3. Based on a retrospective analysis of STAR*D study medications versus current clinician treatment selection prescribing accuracy (Chekroud et al., 2016). STAR*D is one of the world’s largest prospective studies for optimal antidepressant administration.