Genetic Technologies Grants Nine-Year Non-Coding DNA License to GENOSENSE
Posted on: Wednesday, 20 December 2006, 09:01 CST
Genetic Technologies Limited (NASDAQ:GENE)(ASX:GTG) is pleased to report it has granted a license to its non-coding DNA patents to GENOSENSE Diagnostics GmbH, based in Vienna, Austria.
GENOSENSE is a leading anti-aging genetic diagnostics company focusing on individual and patient-orientated preventive genetic testing services.
The signing of the nine-year license covers the world-wide activities of GENOSENSE in relation to the use of non-coding DNA within human genetic diagnostics and analysis. The precise commercial terms of the license granted to GENOSENSE are covered by confidentiality.
GENOSENSE Chief Executive Officer, Professor Christian Schneeberger, welcomed the granting of the non-coding license.
"As a member of the genetics community, we have placed a heavy emphasis on performing genetic testing in an ethical manner," he said.
"This license gives GENOSENSE surety that all of our current -- and future testing services -- will be provided in the correct legal manner. This is just as important."
Genetic Technologies' Chief Executive Officer, Dr Mervyn Jacobson, said a strong relationship between Genetic Technologies and GENOSENSE had developed over the course of the non-coding license discussions.
"Both companies have identified a number of mutually beneficial global business opportunities that will be explored over the coming months," said Dr Jacobson.
Dr Jacobson was also pleased to note that the relevance of Genetic Technologies' non-coding DNA patents was also being recognized by other European and American companies that produce preventive genetic diagnostics products.
A number of these companies have initiated discussions with Genetic Technologies.
ABOUT GENETIC TECHNOLOGIES:
Genetic Technologies is a leading Australian life science company, specialising in the fields of genetics and genomics. The company's methods and processes through which non-coding DNA can be analysed and applied have been patented in 24 countries and form the basis of worldwide licensing activities.
Source: Business Wire
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