SOURCE: Genetic Technologies
MELBOURNE, AUSTRALIA--(Marketwired - Aug 26, 2014) - Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) is pleased to announce that the United States District Court for the Middle District of North Carolina last week issued an Order denying a motion brought by GlaxoSmithKline, LLC (GSK) to dismiss the patent infringement law suit brought against it by GTG.
This action was initially brought by GTG against GSK in 2011, in the District Court of Colorado, but was then moved at the request of GSK to the District Court for the Middle District of North Carolina. Thereafter, both sides filed motions in support of their different legal perspectives. Most recently on June 27, 2014, GSK moved to have GTG's Second Amended Complaint dismissed, arguing the relevant GTG patent covers natural phenomena or laws of nature that are not entitled to patent protection, and that the Court should therefore dismiss the action. On August 22, 2014, the Court issued an Order denying GSK's motion to dismiss.
This significant success follows the separate success reported on March 12, 2014, when a similar motion to dismiss filed by Agilent in the Northern District of California was also denied.
GTG's Chief Executive Officer, Ms. Alison Mew stated, "With this success in removing another potential reason delaying negotiations, we are keen to renew settlement discussions."
About Genetic Technologies Limited
Genetic Technologies is an established diagnostics company with more than 20 years of experience in commercializing genetic testing, non-coding DNA and product patenting. The Company has operations in Australia and the U.S. and is dual-listed on the ASX (Code: GTG) and NASDAQ (Ticker: GENE). Genetic Technologies is focused on the commercialization of its patent portfolio through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics assets. Its U.S. subsidiary, Phenogen Sciences Inc., offers novel predictive testing and assessment tools to help physicians proactively manage women's health. Phenogen's lead product, BREVAGen™, is a first in class, clinically validated risk assessment test for non-familial breast cancer.
For more information, please visit http://www.gtglabs.com and http://www.phenogensciences.com
Safe Harbor Statement
Any statements in this press release that relate to the Company's expectations are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees. Since this information may involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. Additional risks associated with Genetic Technologies' business can be found in its periodic filings with the SEC.