28 June 2011
In compliance with ASX Continuing Disclosure Rules, Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) is pleased to report that it has now executed a Settlement and License Agreement with Navigenics Inc. (“Navigenics”) of Foster City, California.
Navigenics was a counterparty to the Company’s recently announced patent infringement suit filed in the District Court of Colorado (ASX announcement May 26th, 2011), and the first such party to settle.
“We are very pleased by the early progress of this most recently filed assertion suit,” said Dr. Paul MacLeman, GTG’s Chief Executive Officer. “To have a counterparty settle within the first month of filing the suit is very encouraging and speaks volumes, not only to the strength of the patents, but also the caliber of the assertion process.”
As with other similar agreements, the precise commercial terms of the Agreement are covered by formal confidentiality provisions and cannot be disclosed.
Further details concerning progress with the case will be released to the Market as appropriate.