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GTG Announces New Product Collaboration with Global Pharmaceutical Company for Companion Diagnostics in Oncology
20 April 2011
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) has executed a preliminary research collaboration agreement to jointly develop a new cancer profiling product with one of the world’s leading pharmaceutical companies.
Under the collaboration Genetic Technologies will use certain expertise and intellectual property to work with this world-leading pharmaceutical company to develop specific and novel genetic oncology profiling systems for the targeting of chemotherapy in late stage cancer patients.
GTG will collaborate in a clinical oncology study and provide these results to its collaboration partner. The details of the collaboration and the identity of the counterparty are confidential. This stage of the project is expected to last some months after which time the parties will assess progress and discuss moving to further investigations.
Genetic Technologies’ Chief Executive Officer Dr Paul MacLeman said: "GTG’s expertise in genetic profiling is widely respected. This collaboration is a validation of GTG’s capabilities in the area of very low signal to noise nucleic acid analysis, and we look forward to working with one of the most successful pharmaceutical companies in the world.”
“This research collaboration is expected to further embed GTG’s franchise in oncology testing and we expect ultimately to lead to better patient outcomes. The need for companion diagnostics to determine effective treatments for cancer patients is well established. We are very excited by this collaboration as we continue to expand our presence in the field of personalized medicine."
