Announcement follows: Correct me if I'm wrong but they sell the license for say $75k to $125k and then hope to get royalties off anything that is developed using the gene. Can't that take years ???
Is this just my ignorance or a fair question?
Because if it's fair then the revenues will be the licenses and then we all have to sit back for 5 years before someone finds something useful?
+++++++++++++++++++++++++ Genetic Technologies Limited (GTG-ASX) is pleased to announce it has granted a license to its non-coding patents to Inguran LP, of Navasota, Texas, in USA.
Inguran is a provider of sophisticated services to the livestock industry in the Americas. The license granted by GTG will permit Inguran to provide various genetic testing services, including the testing for (i) genetic markers of interest, (ii) paternity and (iii) disease susceptibility, on cattle, horses and other livestock species in USA, Colombia and Brazil.
This is the third license granted by GTG to a service provider - that is, to a genetic testing laboratory performing the actual genetic tests, some of which depend upon access to GTG's inventions and patents.
The first GTG license to a service provider was in early 2002, to the Australian firm, Genetic Solutions, who paid a $75,000 signing fee to secure a non-exclusive license for domestic livestock and aqua-culture testing.
The second GTG license to a service provider was to ARUP, of Salt Lake City, Utah, in USA, in April 2003, who paid a signing fee of US$75,000 (some A$125,000) to secure a non-exclusive license covering human genes and human parasites, in USA.
Under the terms of the current license to Inguran, GTG receives a signing fee of US$150,000 (around A$ 230,000), plus ongoing royalties on all sales and services by Inguran under the license, in USA, Colombia and Brazil.
Negotiations with other service providers are also now in progress. Further details will be reported as appropriate.
Dr Mervyn Jacobson EXECUTIVE CHAIRMAN
GTG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
