Genetic Technologies has signed an exclusive worldwide license agreement with The University of Melbourne to develop and market a novel colorectal cancer (CRC) risk assessment test.
Under the terms of the agreement, Genetic Technologies is tasked with the commercial development of the test, as well as collaborate with The University of Melbourne to undertake research using the university’s experience in single-nucleotide polymorphism (SNP)-based risk assessment and risk model development.
Genetic Technologies executive director and chief executive officer Eutillio Buccilli said: "This is an exciting time for the Company as we commence this strategic alliance with The University of Melbourne.
“The relationship with the University is comprehensive and highlights our overall corporate mission to become a leader in the genomics focused oncology diagnostics' industry while enhancing our pipeline of risk assessment products."
The technology behind the test was developed by Professor Mark Jenkins and his research team at the University's Centre for Epidemiology and Biostatistics which is similar to Genetic Technologies’ BREVAGenplus test.
BREVAGenplus is a test that will determine the risk for developing sporadic (non-hereditary) breast cancer by examining a cheek swab that is collected at the health care provider’s office.
The similarity between the technology under development and the BREVAGenplus test will allow an easy integration of the new test into the company’s existing infrastructure and processes.
The CRC risk assessment tool is expected to facilitate better targeting of existing screening modalities and improving compliance among patients at risk of developing CRC.