BRCA time's up - GTG
Thursday, 23 October, 2008
Genetic Technologies (ASX: GTG) will enforce its patent rights on diagnostic testing for the BRCA1 and BRCA2 breast cancer genes from November 6, The Age newspaper reports.
GTG holds an exclusive licence to US biotech Myriad Genetics’ diagnostic tests for the gene mutations, which confer a vastly increased risk of developing breast cancer on carriers.
Approximately 10 laboratories in Australia currently provide the tests. All will now be done at GTG’s new lab in Melbourne.
The Australian Consumer and Competition Commission is currently investigating the matter.
A new report on the Myriad story by Professor Richard Gold of Canada’s McGill University is available here.
GTG yesterday announced that Grahame Leonard had withdrawn his consent to act as a director of the company.
Leonard was put forward for election to the board by GTG’s former CEO and major shareholder, Dr Mervyn Jacobson.
Jacobson is attempting to remove four members of the board and its current CEO, Michael Ohanessian.
The company will decide the issue at its AGM on November 19.
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