Genetic Technologies Limited (NASDAQ: GENE) jumped 9.13% after the company received a US Patent No. 11,031,098 – ‘Computer Systems and Methods for Genomic Analysis.’
The patent builds on a previously issued patent.
The genomics and AI-driven preventive health company had filed the patent application in 2016, expanding on a patent family that dates back to 2001. The award of the patent demonstrates a significant contribution to the company’s intellectual property portfolio. The time taken to receive the patent reflects the problematic environment award of genetic and biotech patents experience in the US. Thus, it is a significant milestone for Genetic Technologies.
Notably, the patent award broadens the scope of patent No: US 10,683,549 awarded in June 2020 for “Methods for assessing risk of developing breast cancer.” As a result, this expands the company’s portfolio protections beyond breast cancer, including future products.
The latest patent award describes effective methods for finding differences in the human genome and linking those changes to disease and treatment response genetics. The company utilizes the methods in Genome-Wide Association Studies (GWAS), especially those aimed at discovering single nucleotide polymorphisms linked to medication response, such as pharmacogenomic or pharmacogenetic markers.
Patent award lays the foundation for the multitest.
Simon Morriss, Genetic Technologies CEO, said that the award is an outstanding result for the team. It demonstrates the company’s in-house scientists’ underlying competence in negotiating a difficult patent process via the United States Patent and Trademark Office (USPTO).
The patent application and use sets the groundwork for the multitest, a single test covering numerous major diseases and will cover over 70% of currently known morbidity and mortality. This is now in the last phase of development, with a release date set for Q4 of CY21. Genetic Technologies’ flagship products GeneType for Breast Cancers and GeneType for Colorectal Cancer are validated risk assessment tests.