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Genetic Technologies Executes Settlement and License Agreement With Eurofins STA Laboratories, Inc.
MELBOURNE, AUSTRALIA, Feb 06, 2012 (MARKETWIRE via COMTEX) --
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 Eurofins
STA Laboratories, Inc. ("Eurofins STA") of Longmont, Colorado, USA.
Under the Agreement, Eurofins STA is granted 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.
Eurofins STA 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 third counterparty in this case to
settle with Genetic Technologies.
Discussions with other parties both internal and external to the
formal assertion program are ongoing and progressing. Further details
will be released to the Market as appropriate.
About BREVAGen(TM)
The BREVAGen(TM) breast cancer risk
stratification test is a novel genetic test panel that examines a
patient's blood sample 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(TM)
test may be especially useful for women at intermediate risk of
developing 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 and of 1995. Since
this information may involve risks and uncertainties and are 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.
FOR FURTHER INFORMATION PLEASE CONTACT
Dr. Paul D.R. MacLeman
Chief Executive Officer
Genetic Technologies Limited
Phone: +61 3 8412 7000
Rudi Michelson
Monsoon Communications
(03) 9620 3333
SOURCE: Genetic Technologies
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