Genetic Technologies Reports Breakthrough in the Genetic Basis of Drug Addiction
March 14 2006 - 9:24AM
Business Wire
Genetic Technologies Limited ("GTG") (Nasdaq:GENE) (ASX:GTG) is
pleased to refer to a "breaking news" item released in London
yesterday by BBC News. BBC reported a significant breakthrough had
been made in understanding the genetic basis of cocaine addiction,
quoting a scientific paper just published online by the prestigious
Proceedings of the National Academy of Science ("PNAS"). The report
announced a genetic variation had been identified which could
significantly increase the risk of an individual developing cocaine
addiction or dependence. The discovery also validates the logic of
a new basis for the design and use of novel drugs to treat cocaine
abuse in the future. The BBC article stated that this research was
funded by the British Medical Research Council. What is especially
relevant to GTG stockholders is that this research was in fact
co-funded by GTG, that the genetic variations identified by this
project are non-coding, that new patents have just been filed on
the relevance of these genetic variations to cocaine addition and
that GTG has secured world-wide exclusive rights to commercialize
these new discoveries. Indeed, this whole project arose from the
foresight of King's College London, who took a license to the GTG
non-coding patents in 2004. This project is yet another example of
the original GTG non-coding patents today spawning new research,
new discoveries and new patents and creating new opportunities for
GTG into the future. By way of further background information, the
UN Office for Drug Control estimates the number of illegal drug
users now exceeds 150 million worldwide. However, other studies
suggest this is an under-estimate. Until now, the global
pharmaceutical industry has not made treatment of substance abuse a
priority. The current market is estimated to exceed US$1.1 billion,
and is expected to grow to US$1.3 billion by 2008. Industry experts
see this market as having great potential. It is also an area where
fundamental patents are likely to prove extremely valuable,
especially when combined with new genetic testing methods
(genotyping), which will permit cheap and efficient whole genome
scanning for susceptibility to cocaine addition. About Genetic
Technologies Limited Genetic Technologies was an early pioneer in
recognizing important new applications for "non-coding" DNA
(DeoxyriboNucleic Acid). The Company has since been granted patents
in 24 countries around the world, securing intellectual property
rights for particular uses of non-coding DNA in genetic analysis
and gene mapping across all genes in all multicellular species. Its
three-pronged business strategy includes: 1) the global
commercialization of its patents through an active licensing
program; 2) the expansion of its dominant commercial genetic
testing business in Australia; and, 3) the commercialization of its
various research and development projects aimed at generating
further intellectual property of global commercial significance.
This announcement may contain forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933 and
Section 21E of the U.S. Securities Exchange Act of 1934 with
respect to the financial condition, results and business
achievements/performance of Genetic Technologies Limited and
certain of the plans and objectives of its management. These
statements are statements that are not historical facts. Words such
as "should," "expects," "anticipates," "estimates," "believes" or
similar expressions, as they relate to Genetic Technologies
Limited, are intended to identify forward-looking statements. By
their nature, forward-looking statements involve risk and
uncertainty because they reflect Genetic Technologies' current
expectations and assumptions as to future events and circumstances
that may not prove accurate. There is no guarantee that the
expected events, trends or results will actually occur. Any changes
in such assumptions or expectations could cause actual results to
differ materially from current expectations.
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