US Patent Office Grants Foundational Pharmacogenomic Patent

MELBOURNE, Australia, June 11, 2021 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GTG”), a diversified Genomics and AI driven preventative health business, has been granted US Patent No. 11,031,098 – ‘Computer Systems and Methods for Genomic Analysis’.

The patent application was submitted in 2016, building on a patent family dating back to 2001 and was recently granted to Genetic Technologies and demonstrates an important addition to Genetic Technologies portfolio of intellectual property. The length of time for the patent grant highlights the challenging climate in the United States for the granting of genetic and biotech patents in recent years and is therefore a significant milestone for the Company.

This builds on the previous patent granted in June 2020 for ‘Methods for assessing risk of developing breast cancer’ - No: US 10,683,549. (ref: ASX: release 18 June, 2020) and extends the protection of our portfolio beyond breast cancer for future products.

The patent describes efficient methods for identifying variations that occur in the human genome and relating those variations to the genetic basis of disease and drug response. The methods form the basis of Genome-Wide Association Studies (GWAS), particularly those focused on identifying single nucleotide polymorphisms associated with drug response ie. pharmacogenomic or pharmacogenetic markers.

Genetic Technologies CEO, Simon Morriss, said, “This is another great achievement for the team, in this case, it’s a testament to the underlying expertise of our in-house scientists in navigating a particularly challenging patent pathway through the United States Patent and Trademarks Office (USPTO).”

The application and utilization of this patent forms the foundation of a single test covering multiple serious diseases, known as the multitest, that will cover more than 70% of current known mortality and morbidities. This is in the final stages of development currently scheduled for release in Q4 CY21.

About Genetic Technologies Limited

Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.

For more information, please visit www.gtglabs.com

Forward-Looking Statements
This press release may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control.  The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.