Australia and New Zealand - Monday 28 July 2004: Genetic Technologies Limited (ASX:GTG) and New Zealand biotechnology company, Ovita Ltd, are pleased to announce that GTG has granted a license to Ovita for the use of GTG's non-coding patented technologies. This is the second license granted by GTG in New Zealand and allows Ovita access to the GTG non-coding DNA patents in relation to both research and commercial gene testing activities. Under the terms of the agreement Ovita will pay an up-front signing fee to GTG and royalties on future commercial sales.
Ovita, which is owned by Meat & Wool New Zealand, Wool Equities Ltd and AgResearch Ltd, is focussed on developing novel therapeutics and diagnostics based on well characterised traits and proteins discovered from decades of sheep breeding in New Zealand. Genetic Technologies Limited holds several international patents protecting a method of extracting information from non-coding DNA - in all genes, in all species.
Damian Camp, Chief Executive Officer of Ovita said, "We are pleased to have secured a licence for the use of GTG's non-coding technology. We now have a clearer path along which to develop and roll out valuable genetic tests to key livestock industries within New Zealand, Australia and other key markets."
Dr Mervyn Jacobson, Executive Chairman of GTG added: "GTG was founded upon strong, internationally recognised patents for our ground breaking work in non-coding DNA. Access to these patents will undoubtedly accelerate the growth and success of Ovita which was established to undertake research to ensure that meat and wool farmers in New Zealand maintain their world leading production advantage.
"This new agreement complements our existing commercial arrangement with Ovita whereby our subsidiary, AgGenomics, provides genetic testing services at our high-throughput DNA laboratory at La Trobe University in Melbourne," said Dr Jacobson.
For further information on this announcement please call:
Dr Mervyn Jacobson
+61 3 9415 1135
Chief Executive Officer
+64 3 477 5920
+61 2 9293 2836
0403 497 424