Genetic Technologies appoints Mike Tonroe as CFO

MELBOURNE, Australia, April 12, 2021 (GLOBE NEWSWIRE) -- Molecular diagnostics company Genetic Technologies Limited ((ASX: GTG, NASDAQ:GENE, "Company")), announces the appointment of Michael Tonroe to the role of Chief Financial Officer, commencing on 28 June 2021.

Michael has over 25 years' experience in overseeing the finance function at both management and board-level positions for private and listed companies in Australia, UK, US and Canada. He also has extensive experience in the biotech space across both the financial and company secretary roles having most recently managed both functions for dual-listed Opthea Limited.

Commenting on the appointment, Chairman, Peter Rubinstein said, "We are pleased to appoint Michael to the role of Chief Financial Officer. Michael's background and expertise in cross border financial management will be a significant asset for GTG. In conjunction with the recent appointment of Simon Morriss we are well positioned with a strong senior leadership team across all major functions with significant depth of experience and expertise."

In recognising the support of CFO Solutions Mr Rubinstein stated: "We thank the team at CFO Solutions for their critical outsourced financial support over the past few years as we repositioned the business and established our longer-term strategy. There professionalism and expertise have been highly appreciated and we look forward to a smooth transition when Michael commences with us at the end of June."

Prior to his most recent role as Chief Financial Officer and Company Secretary at dual-listed Opthea Michael was Chief Financial Officer and Company Secretary at the Australian Synchrotron in Melbourne. Michael also has extensive accounting expertise having worked for both Deloitte and KPMG in the UK and Hong Kong.

On joining Genetic Technologies Michael stated, "I am excited to be joining the team at Genetic Technologies. The depth of experience sitting within this business already is impressive and I am thrilled to once again utilise my skills and expertise in working with companies as they transition from early-stage revenue to full commercialisation. I look forward to working with the whole team to establish the inhouse finance function to provide the structure and support for Genetic Technologies long-term strategy."

Michael is a fellow of the Institute of Chartered Accountants in England and Wales, a member of the Australian Institute of Company Directors and holds a graduate degree in Business Studies from Buckingham University, UK.

Approved by the Board of Directors Genetic Technologies Limited.

About Genetic Technologies Limited

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 www.gtglabs.com