GTG 0.00% 1.0¢ genetic technologies limited

announcement on the bell last night

  1. 2,076 Posts.
    2.5m contract thing with a perth bio - plus a bunch of other cool stuff - terrible timing on the bell

    Genetic Technologies Limited (ASX-GTG) is pleased to announce it has signed a heads of agreement to establish a broad strategic alliance with the CY O’Connor ERADE Village Foundation, based in Perth, Western Australia. The Foundation is a leading centre of biotechnology innovation in WA, and is associated with the University of Western Australia, under the direction of Professor Roger Dawkins.

    The strategic alliance between GTG and the Foundation will actively support the mission of both parties. The Foundation will assist GTG to pursue its commercial objectives and GTG will support the Foundation as the major research engine for GTG in WA. Specifically:

    • The Foundation will assign to GTG all its current intellectual property rights (IP) in genetics and genomics. This will include issued patents now held by the Foundation and also new pending patents based on recent inventions made by the Foundation.

    • GTG will actively support the ongoing genetics and genomics programmes of the Foundation, and in return, GTG will become the primary commercialising vehicle for all such new patents, intellectual property and business opportunities.

    • GTG will grant to the Foundation a broad license to the GTG non-coding patents and in consideration, the Foundation will pay GTG a signing fee of $2.5M.

    • It is expected the new IP being transferred to GTG will significantly strengthen the GTG patent portfolio generally, and will also create many new commercial opportunities for GTG in the future.

    • In consideration of all the new IP coming into GTG, GTG will issue shares and pay royalties to the Foundation, subject to an independent valuation and necessary approvals.

    • GTG and the Foundation will also jointly explore the establishment of a state-of-the-art genetic testing service in WA, particularly with regard to (i) human diagnostic services, (ii) transplantation services, (iii) forensic testing, and (iv) the genetic testing of livestock.

    • GTG and the Foundation intend to also work closely with the public health and university sectors in WA, consistent with their support for the development of public/private partnerships.

    • In summary, GTG and the Foundation intend to work closely together and to actively support each other’s efforts as a priority.

    The CY O’Connor ERADE Village Foundation also incorporates the Immunogenetics Research Foundation and the Institute of Molecular Genetics and Immunology Incorporated of Perth, Western Australia. Professor Dawkins is a world authority in tissue typing and genomics. For example, the Foundation has developed new methods for DNA matching to achieve improved survival rates in transplantation and has also developed improved methods for gene discovery.
    Further details will be provided as appropriate.
    Yours faithfully,
    Dr Mervyn Jacobson
    Executive Chairman
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