Genetic Technologies Executes Settlement and License Agreement with GeneSeek Inc.
Genetic Technologies Limited : Settlement with GeneSeek 05/09/2012 | 01:55am ASX ANNOUNCEMENT May 9, 2012 Genetic Technologies Executes Settlement and License Agreement with GeneSeek Inc.
In compliance with ASX Continuing Disclosure Rules, Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) is pleased to report that it has executed a Settlement and License Agreement with GeneSeek Inc. ("GeneSeek") of Lincoln, Nebraska, USA (see: http://www.neogen.com/geneseek/). Under the terms of the Agreement, GeneSeek is granted certain non-exclusive rights to a number of GTG patents relating to its non-coding DNA technology.
As with other similar agreements, the precise commercial terms of the Agreement are covered by formal confidentiality provisions and cannot be disclosed.
GeneSeek was a counterparty to the third formal patent assertion suit filed by Genetic Technologies against ten companies in the US District Court for the District of Colorado (see GTG announcement dated May 26, 2011) and is now the fourth counterparty in that case to settle with Genetic Technologies.
Discussions with other parties are ongoing and progressing. Further details will be released to the