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UTEK Corporation and Genetic Technologies Announce Technology Acquisition Agreement

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UTEK Corporation and Genetic Technologies, Ltd. have announced that they have signed a technology acquisition agreement.

Under this technology acquisition agreement, UTEK will assist Genetic Technologies, Ltd. to identify genetic analysis IP developed by US based research entities which may be of interest to Genetic Technologies, Ltd.’s Melbourne based genetic testing business. The initial focus of this relationship will be in the area of non-coding DNA analysis.

“Genetic Technologies is pleased to execute this agreement with UTEK. We believe it may assist us in expanding our proprietary position in the offering of 'non-coding' DNA based genetic tests,” said Genetic Technologies' Chief Executive Officer, Dr. Mervyn Jacobson.

“Research based on the analysis of non-coding DNA is increasingly being commercialized and, through the concurrent granting of non-coding licenses, Genetic Technologies, Ltd. is often able to secure exclusive access to new tests which it can then offer to its Asia Pacific customer base.”

William R. Porter, Chief Technology Transfer Officer of UTEK Corporation commented, “UTEK looks forward to working with Genetic Technologies, Ltd. to help it identify potential technology acquisition opportunities that fit its strategic vision.”

Through its technology acquisition agreements, UTEK assists companies in enhancing their product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Technology acquisition agreements are generally cancelable by either party with thirty days advance written notice.