Genetic Technologies and the University of Melbourne Sign License Agreement to Develop Colorectal Cancer Test

Genetic Technologies (ASX:GTG, NASDAQ:GENE) and the University of Melbourne have entered into an exclusive worldwide license agreement: the partners will develop and market a new colorectal cancer risk assessment evaluation.
According to the press release:

“The terms and conditions of the Agreement are confidential, however, Genetic Technologies will be responsible for the commercial development of the test. In addition, as part of the Agreement, The University of Melbourne and Genetic Technologies will embark on a robust, ongoing research collaboration enabling the Company to leverage the University’s renowned world-class expertise in SNP-based risk assessment and risk model development.”

Eutillio Buccilli, chief exec of Genetic Technologies, said the following:

“This is an exciting time for the Company as we commence this strategic alliance with The University of Melbourne. The relationship with the University is comprehensive and highlights our overall corporate mission to become a leader in the genomics focused oncology diagnostics’ industry while enhancing our pipeline of risk assessment products.”

Read the full press release here.