Join our daily newsletter At The Bell to receive exclusive market insights
- Genetic Technologies (GTG) has signed a three-year agreement with Infinity BiologiX to produce and distribute its COVID-19 risk test in the U.S.
- The initial co-exclusive licence agreement will grant GTG commercial entry into the U.S COVID-19 product market
- To maintain exclusivity, Genetic must pay US$50,000 (roughly A$63,852) upfront followed by minimum payments totalling US$850,000 (approximately A$108,548) in the first year
- GTG says it is in the final stages of submitting its COVID-19 risk test clearance from Clinical Laboratory Improvement Amendments
- Genetic Technologies closed the session up 9.09 per cent at 1.2 cents per share.
Genetic Technologies (GTG) has signed a three-year agreement with Infinity BiologiX to produce and distribute its COVID-19 risk test in the U.S.
The initial co-exclusive production and distribution rights and licence agreement will allow GTG to sell its products in America under the “powered by GeneType” branding.
To maintain exclusivity, Infinity BiologiX must pay Genetic US$50,000 (roughly A$63,852) upfront followed by minimum payments totalling US$850,000 (approximately A$108,548) in the first year and US$1.0 million (about $1.3 million) in the second and third year thereafter to reach a minimum US$2.9 million (A$3.7 million).
According to Genetic, its COVID-19 risk test may enable the risk assessment of an individual developing a serious disease should they contract the virus and is intended to predict a “disease’s severity” using genetic and clinical information.
GTG is currently in the final stages of submitting the COVID-19 risk test for clearance from Clinical Laboratory Improvement Amendments and will update the market when clearance is received.
Genentic Technologies CEO Simon Morriss said the partnership has enabled a commercial introduction into the U.S. COVID-19 product landscape.
“This agreement is a significant milestone for GTG representing the first multi-year commercial agreement the Company has entered into for the sale and distribution of one of its developed products,” he commented.
Genetic Technologies closed the session up 9.09 per cent at 1.2 cents per share.
