BioMelbourne Network
Progressing BioIndustry
Latest News
Genetic Technologies Successfully Concludes Second Patent Infringement Suit in USA
Melbourne Australia; February 21, 2012. Genetic Technologies Limited (ASX: GTG, NASDAQ: GENE), today announced the successful conclusion of the second assertion suit having now executed a Settlement with a group of companies associated with Sonic Healthcare Limited ("Sonic Affiliates").
The patent infringement suit was filed by Genetic Technologies in the U.S. District Court for the Western District of Texas, Austin division, in January 2011 (see GTG announcement dated January 20, 2011). The precise commercial terms of the Settlement with the Sonic Affiliates are covered by formal confidentiality provisions and cannot be disclosed.
"The patent assertion program remains a strong and reliable source of non-dilutive funding for GTG," commented Dr. Paul MacLeman, Genetic Technologies’ Chief Executive Officer. "The outcome of the suit against the Sonic Affiliates demonstrates our commitment to pursue a vigorous and geographically comprehensive assertion program."
A third assertion suit, filed by the Company in the U.S.District Court for the District of Colorado in May 2011 (see GTG announcement dated May 26, 2011) against ten counterparties, is also progressing well with three counterparties in that case having already settled. The Company will update the Market with details concerning progress of the third assertion suit along with its other global patent assertion efforts, as appropriate. Genetic Technologies has now licensed its non-coding DNA technology globally to over 60 companies in a wide variety of life sciences industries. To date, more than $73 million in contracted revenue has been generated from the granting of these licenses.
