Genetic Technologies Executes Exclusive Distribution Agreement with Rosetta Genomics
Genetic Technologies Limited (NASDAQ: GENE) is pleased to advise that it has executed an Exclusive Test and Services Agreement with Rosetta Genomics (NASDAQ: ROSG), under which the Company will become the exclusive distributor in Australia, New Zealand and Singapore for Rosetta's microRNA-based assays. Rosetta, whose headquarters are located in Rehovot, Israel, also operates an accredited laboratory in Philadelphia, USA.
Under the Agreement, GTG will distribute Rosetta's three recently launched miRview™ tests in Australia, New Zealand and Singapore. By leveraging unique biomarkers called microRNAs, Rosetta's miRview™ tests can offer patients and physicians new insights on cancer.
“We have made remarkable progress in making our tests so widely available in the short time since they were launched early this year,” said Ronen Tamir, Chief Commercialisation Officer of Rosetta Genomics. “We note that this distribution agreement marks Rosetta Genomics' first entry into the Pacific Rim and represents the fifth continent on which our miRview™ tests will be sold.”
Mr. Tamir added, “Genetic Technologies is the leading marketer of genetic tests for a host of indications including breast cancer, in Oceania. In addition, distinguishing mesothelioma from other lung cancers may be a particularly important task in Australia, where the mining industry is a key component of the country's economy. We are very excited to be working with GTG to improve patient care.”
Dr. Paul MacLeman, Chief Executive Officer of Genetic Technologies said, “This is an important first step in Genetic Technologies' move from predictive gene tests into advanced cancer management. We are seeking to leverage in-house developed tests through partnerships with third party developers of novel tests. Through this approach, the Company is seeking to rapidly build a comprehensive portfolio of genetic tools enabling oncologists to more effectively manage patient diagnosis and therapy, improving treatment outcomes. Genetic Technologies is very excited to announce its relationship with Rosetta Genomics, an acknowledged leader in the area of microRNA diagnostic test development.”
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