Genetic Technologies (GENE) Updates on Ops; Licensing Program Revs Exceed FY12 Levels
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Genetic Technologies Limited (Nasdaq: GENE) is pleased to provide an update to the Market concerning recent developments in respect of the Company’s non-coding DNA technology licensing program.
Year-to-date performance
GTG can report that gross revenues generated by the Company’s licensing program in the five-month period ended November 30th, 2012 have already exceeded the gross revenues generated from such activities during the entire financial year ended June 30th, 2012.
This valuable source of non-dilutive funding, after the payment of associated expenses, has significantly contributed towards the Company’s cash reserves as at November 30th, 2012, which exceeded $7.5 million.
Further refinements to the assertion program in Europe
GTG can also report that the Company’s European assertion program has been further refined, such that the associated overhead expenses have been significantly reduced and the potential net revenues increased. Assertion lawyers acting for the Company in several European countries, including Germany and Holland, are now actively preparing legal actions against infringing parties in those countries.
Status of “179” patent re-examination by USPTO
On July 9th, 2012, the Company announced that it had received formal notification from the United States Patent and Trademark Office (“USPTO”) that the USPTO had received and granted a request for ex parte re-examination of claims 1-18 and 26-32 of the Company’s 5,612,179 non-coding DNA patent (the “‘179 patent”) brought by Merial L.L.C. of Duluth, Georgia (“Merial”).
The Company can now report that, while this re-examination is not yet complete, a number of the relevant claims have already been cleared by the USPTO.
Additional infringement suits filed in USA
In addition to the remaining five parties in the infringement suit that was announced by the Company on May 26th, 2011 and the further suits announced on August 30th, 2012 and October 15th, 2012, GTG advises that it has now initiated legal action in USA against Prevention Genetics LLC and Genelex Corporation. Sheridan Ross, the Company’s US attorneys, are now preparing additional suits, to be filed when appropriate.
Year-to-date performance
GTG can report that gross revenues generated by the Company’s licensing program in the five-month period ended November 30th, 2012 have already exceeded the gross revenues generated from such activities during the entire financial year ended June 30th, 2012.
This valuable source of non-dilutive funding, after the payment of associated expenses, has significantly contributed towards the Company’s cash reserves as at November 30th, 2012, which exceeded $7.5 million.
Further refinements to the assertion program in Europe
GTG can also report that the Company’s European assertion program has been further refined, such that the associated overhead expenses have been significantly reduced and the potential net revenues increased. Assertion lawyers acting for the Company in several European countries, including Germany and Holland, are now actively preparing legal actions against infringing parties in those countries.
Status of “179” patent re-examination by USPTO
On July 9th, 2012, the Company announced that it had received formal notification from the United States Patent and Trademark Office (“USPTO”) that the USPTO had received and granted a request for ex parte re-examination of claims 1-18 and 26-32 of the Company’s 5,612,179 non-coding DNA patent (the “‘179 patent”) brought by Merial L.L.C. of Duluth, Georgia (“Merial”).
The Company can now report that, while this re-examination is not yet complete, a number of the relevant claims have already been cleared by the USPTO.
Additional infringement suits filed in USA
In addition to the remaining five parties in the infringement suit that was announced by the Company on May 26th, 2011 and the further suits announced on August 30th, 2012 and October 15th, 2012, GTG advises that it has now initiated legal action in USA against Prevention Genetics LLC and Genelex Corporation. Sheridan Ross, the Company’s US attorneys, are now preparing additional suits, to be filed when appropriate.
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