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MELBOURNE, Australia, April 15, 2019 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG) (NASDAQ: GENE) (“Company”), a provider of world-leading genetic risk assessment test products, is pleased to announce that it has now established a Memorandum of Understanding (MoU) with The Translational Genomics Research Institute (TGen). TGen is an Arizona-based, non-profit biomedical research institute dedicated to conducting ground-breaking research with life-changing results.
TGen works to unravel the genetic components of common and complex diseases, including cancer, neurological disorders, infectious disease, and rare childhood disorders. TGen is affiliated with City of Hope in Duarte, California, a world-renowned independent research and treatment center for cancer, diabetes, and other life-threatening diseases.
Key Features of this MoU between GTG and TGen:
The terms of the Agreement are confidential, however key features include that GTG and TGen will cooperate in the development of a commercialization strategy and infrastructure development for a suite of polygenic risk tests to be made available in the US market and establish any fundraising mechanisms to achieve the above.
The infrastructure development will include the establishment of a co-managed US-based CLIA laboratory and provision of the new test portfolio to a major US health provider.
In order to achieve these initial goals, GTG and TGen will collaborate on a number of matters. The first priority will be to establish a US-based CLIA laboratory. This will involve, inter alia, defining the legal and corporate structure of the collaboration. It will also involve the transfer of GTG’s know-how in this area.
Genetic Technologies’ Chairman, Dr Paul Kasian, said, “We are excited to be working with such a prestigious organization as TGen in bringing our current and developing future polygenic risk tests to the US market.”
The US-based laboratory will offer GTG’s existing and future tests. This will include oncology polygenic risk tests for breast cancer, colorectal cancer, prostate cancer, and melanoma. Other tests will also be considered over time. The non-oncology tests to be offered will include cardiovascular disease and diabetes.
“The portfolio of polygenic risk tests developed by GTG opens a new pathway for helping individuals make informed decisions when it comes to improved personal health and prevention,” said David Duggan, Ph.D., associate professor of TGen. “We look forward to working with GTG to expand these opportunities in the US market.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul Kasian
Chairman and Interim CEO
+61 3 8412 7000
Mr Paul Viney
COO, CFO and Company Secretary
+61 438 072 616
Investor Relations and Media - Australia
+61 428 981 074
Investor Relations and Media – USA
Mr Dave Gentry
Office: 1.800.RED.CHIP (733-2447)
About Genetic Technologies Limited
Genetic Technologies is a diversified molecular diagnostics company embracing blockchain technologies across genomic testing platforms. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead product, BREVAGenplus®, is a clinically validated risk assessment test for non-hereditary breast cancer and is first in its class. For more information, please visit www.brevagenplus.com and www.phenogensciences.com.
Genetic Technologies is developing a pipeline of risk assessment products including a novel colorectal cancer (CRC) test. For more information, please visit www.gtgcorporate.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 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.