MELBOURNE, AUSTRALIA--(Marketwire - May 09, 2012) - In compliance with ASX Continuing Disclosure Rules, Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) is pleased to report that it has executed a Settlement and License Agreement with GeneSeek Inc. ("GeneSeek") of Lincoln, Nebraska, USA (see: http://www.neogen.com/geneseek/). Under the terms of the Agreement, GeneSeek is granted certain non-exclusive rights to a number of GTG patents relating to its non-coding DNA technology.
As with other similar agreements, the precise commercial terms of the Agreement are covered by formal confidentiality provisions and cannot be disclosed.
GeneSeek was a counterparty to the third formal patent assertion suit filed by Genetic Technologies against ten companies in the US District Court for the District of Colorado (see GTG announcement dated May 26, 2011) and is now the fourth counterparty in that case to settle with Genetic Technologies.
Discussions with other parties are ongoing and progressing. Further details will be released to the Market as appropriate.
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient's DNA to detect the absence or presence of certain common genetic variations (SNPs) associated with an increased risk for developing breast cancer. The test is designed to help physicians assess aggregate breast cancer risk from these genetic markers, plus factors from a standard clinical assessment based on a patient's family and personal history, thus giving a clearer picture of an individual woman's risk of developing breast cancer. The BREVAGen™ test may be especially useful for women predisposed to hormone dependant breast cancer, including those who have undergone breast biopsies, as the test will provide information that can help physicians recommend alternative courses of action, such as more vigilant, targeted surveillance or preventive therapy, on a personalized patient-by-patient basis.
About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognizing important new applications for "non-coding" DNA (Deoxyribonucleic Acid). The Company has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all species. Its business strategy is the global commercialization of its patents through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics portfolio. Genetic Technologies is an ASX and NASDAQ listed company with operations in the USA and Australia. For more information, please visit www.gtglabs.com.
Safe Harbor Statement
Any statements in this press release that relate to the Company's expectations are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees. Since this information may involve risks and uncertainties and is subject to change at any time, the Company's actual results may differ materially from expected results. Additional risks associated with Genetic Technologies' business can be found in its periodic filings with the SEC.