Genetic Technologies Limited (NASDAQ:GENE) stock opened higher in the morning session on Thursday after the news. The stock has been witnessing a nice uptrend since over the past month with a jump of around 30%. Will the Rally continue?
US Patent Office Grants Foundational Pharmacogenomic Patent
- has been granted US Patent No. 11,031,098 – ‘Computer Systems and Methods for Genomic Analysis’.
- The patent application was submitted in 2016, building on a patent family dating back to 2001 and was recently granted to Genetic Technologies and demonstrates an important addition to Genetic Technologies portfolio of intellectual property. The length of time for the patent grant highlights the challenging climate in the United States for the granting of genetic and biotech patents in recent years and is therefore a significant milestone for the Company.
- This builds on the previous patent granted in June 2020 for ‘Methods for assessing risk of developing breast cancer’ – No: US 10,683,549. (ref: ASX: release 18 June, 2020) and extends the protection of our portfolio beyond breast cancer for future products.
- The patent describes efficient methods for identifying variations that occur in the human genome and relating those variations to the genetic basis of disease and drug response. The methods form the basis of Genome-Wide Association Studies (GWAS), particularly those focused on identifying single nucleotide polymorphisms associated with drug response ie. pharmacogenomic or pharmacogenetic markers.
At the opening session, GENE stock jumped by 16.50% to $4.85 with more than 1.91 million shares traded hands, well above its average volume of 968K shares. Over the past year, the stock has moved within a range of $1.9800 – 10.3000.