Genetic Technologies [NASDAQ: GENE] Receives Foundational Pharmacogenomic Patent

Genetic Technologies Limited [NASDAQ: GENE] disclosed that it has got Patent No. 11,031,098 which is ‘Computer Systems and Methods for Genomic Analysis’ from the US Patent office. It has been revealed that the patent application was presented in 2016, building on a patent family dating back to 2001. It was recently awarded to Genetic Technologies and shows a significant addition to Genetic Technologies’ portfolio of intellectual property.

Shares of Genetic Technologies surged 15.14% as it gained +0.63 at the time of writing on Friday. The firm has recorded a trading volume of 3.87 million as compared to the average volume of 984.13K. The firm has reported the per-share price of 4.79 at the time of writing on Friday. GENE has a total market capitalization of $61.36 million at the time of writing.

In addition to this, the duration of time for the patent award underscores the difficult climate in the US for the awarding of genetic and biotech patents in recent years. This patent grant is an important development for the firm. The patent depicts efficient methods for pinpointing changes that occur in the human genome and pertaining to those changes to the genetic basis of disease and drug response.

Genetic Technologies CEO stated that this is another great accomplishment for the team, in this case, it’s proof of the fundamental knowledge and experience of its in-house scientists in locating a predominantly stimulating patent pathway through the US Patent and Trademarks Office (USPTO).