Genetic Technologies Limited (ADR)(NASDAQ:GENE) Finalizes A Global License Deal With The University Of Melbourne

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Genetic Technologies Limited

Genetic Technologies Limited (ADR)(NASDAQ:GENE) a molecular diagnostics firm and provider of BREVAGenplus®, reported the signing of an exclusive global license deal with The University of Melbourne for the advancement and commercialization of a novel colorectal cancer risk assessment test.

The highlights

Genetic Technologies reported that the core technology supporting this CRC risk assessment was advanced by Professor Mark Jenkins and team at the Centre for Epidemiology and Biostatistics. Data from preliminary modelling trials were first issued online in Future Oncology in this February. This simulated case-control trial of 1 million patients showed that a panel of 45 identified susceptibility SNPs can classify the population into clinically convenient CRC risk sets.

In practice, the know-how could be utilized to identify folks at high risk for CRC. This people should be exposed to intensive screening which can eventually reduce the risk of death and occurrence from the disease. Those marked as low risk of CRC, can be opted out of invasive and expensive screening, thus saving money and preventing adverse events, as it is not necessary. A scientific validation trial supporting this task is nearing completion and is anticipated to be published in the coming six months.

The fundamental know-how is alike the BREVAGenplus evaluation and will fit synergistically into the firm’s existing processes and infrastructure. The CRC examination represents a significant achievement for the firm as it seeks to expand its product pipeline and turn to be a major player in the SNP-based cancer risk evaluation landscape. The commercial development plan for the CRC examination will gain from the BREVAGenplus experience in the industry.

The terms and conditions of the deal are confidential, however, it was stated that Genetic Technologies will be accountable for the commercial advancement of the test. Moreover, as part of the deal, the company and the University of Melbourne will get on on a robust, current research collaboration allowing the firm to leverage the University’s international expertise in SNP-based risk evaluation and risk model development.

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