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  • Genetic Technologies Ltd. (GENE) Gives Update On Its Subsidiary 0 comments
    Apr 13, 2012 2:37 PM | about stocks: GENE

    Genetic Technologies is a pioneer in recognizing important new applications for "non-coding" DNA. The company has been granted patents in 24 countries around the world, securing intellectual property rights for uses of non-coding DNA in genetic analysis and gene mapping. Its strategy is to globally commercialize its patents through a licensing program and expansion of its diagnostic portfolio.

    The company announced today that its privately-held subsidiary, ImmunAid Pty. Ltd., has successfully obtained 1 million Australian dollars in a private placement from investors located in Australia, Europe, and the United States. In return for this investment, the investors have secured a 10 percent interest in ImmunAid. This transaction places a value on Genetic Technologies' stake in ImmunAid in excess of $4.5 million.

    The financing gives ImmunAid the necessary funding to advance its novel approach to cancer therapy by the timely reversal of immune system suppression via its unique "on/off" technology. The company was founded on the concept developed by the inventor Martin Ashdown that the immune system switches itself on and off in a continuous, repeating cycle in patients with diseases such as HIV. ImmunAid will use the proceeds to secure further patents on the process and to support human and animal trials directed at discovering new applications of the technology.

    Genetic Technologies chose not to participate in the financing since it is concentrating on its BREVAGen technology. This is a breast cancer risk genetic test that evaluates a patient's DNA for the presence or absence of certain common genetic variations associated with increased risk of a woman developing breast cancer.

    For additional information about Genetic Technologies, please visit the company's website at www.gtglabs.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: GENE
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