US Patent Office Grants Patent for COVID-19 Risk Test
Genetic Technologies Limited (NASDAQ: GENE) announced the granting of US Patent No: US 11,257,569 for its geneType COVID-19 Risk Test. This test assesses an individual's risk of severe COVID-19 symptoms requiring hospitalization. CEO Simon Morris emphasized the substantial market potential for this test, which aids in making informed health decisions regarding vaccination and disease management. The test is expected to be useful for unvaccinated individuals, as well as those vaccinated but at high risk. The company aims to enhance health outcomes amid ongoing COVID-19 challenges.
- Granting of US Patent No: US 11,257,569 enhances the commercial viability of geneType COVID-19 Risk Test.
- The geneType COVID-19 Risk Test addresses a significant market need for assessing COVID-19 severity risk.
- The ongoing pandemic and vaccination challenges could hinder market penetration for the geneType COVID-19 Risk Test.
MELBOURNE, Australia, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”, “GENE”), a global leader in genomics-based tests in health, wellness and serious disease is pleased to announce the granting of US Patent No: US 11,257,569, Methods of assessing risk of developing a severe response to Coronavirus infection.
The granted US patent covers the proprietary technology incorporated into GENE’s geneType COVID-19 Risk Test, which provides a probability that a person will develop severe symptoms requiring hospitalization should they become infected.
GENE’s CEO, Simon Morris commented, “The granting of this patent is another important step in securing the commercial opportunity for our geneType COVID-19 Risk Test. We believe there is a significant and realizable market for our COVID-19 Risk Test. In conjunction with our partners, we are well positioned to drive forward with our sales and marketing endeavors and potentially providing an improvement in health outcomes for patients at risk of developing severe COVID-19 disease.”
The COVID-19 Risk Test is designed to predict disease severity providing a risk score that can be used to understand a person’s risk of contracting a serious case of COVID-19. Employers, governments, and other public health entities may use the data to make informed decisions about disease risk, treatment options, and importantly guiding vaccination and booster priorities.
According to the Centers for Disease Control and Prevention, only
GENE’s Chief Scientific Officer, Dr Richard Allman said, “The currently circulating omicron and delta SARS-CoV-2 variants are both highly transmissible and the Company believes that the geneType COVID-19 Risk Test will maintain broad applicability across variant types and complement current public health efforts in vaccine and booster uptake.”
Investor Relations (AUS)
Stephanie Ottens
Market Eye
M: +61 434 405 400
E: stephanie.ottens@marketeye.com.au
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class. Genetic Technologies is developing a pipeline of risk assessment products.
For more information, please visit www.genetype.com
Forward-Looking Statements
This press release may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FAQ
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