Rosetta Genomics, Ltd. (NASDAQ:ROSG), a leading developer of microRNA-based molecular diagnostics, and Genetic Technologies Limited (GTG) (NASDAQ:GENE) (ASX:GTG), the leading private genetic testing laboratory in Australia, announced today the signing of an exclusive distribution agreement for Rosetta Genomics’ three currently available diagnostic tests. Under the terms of the agreement, GTG will market Rosetta Genomics’ miRview™ tests in Australia, New Zealand and Singapore. Further financial terms were not disclosed.
“We have made remarkable progress in making our tests so widely available in the short time since they were launched early this year,” said Ronen Tamir, Chief Commercialization Officer of Rosetta Genomics. “We note that this distribution agreement marks Rosetta Genomics’ first entry into the Pacific Rim and represents the fifth continent on which our miRview™ tests will be sold.”
Mr. Tamir added, “Genetic Technologies is the leading marketer of genetic tests for a host of indications, including breast cancer, in Oceania. In addition, distinguishing mesothelioma from other lung cancers may be a particularly important task in Australia, where the mining industry is a key component of the country’s economy. We are very excited to be working with GTG to improve patient care.”
Paul MacLeman, Chief Executive Officer of Genetic Technologies, said, “This is an important first step in Genetic Technologies’ move from predictive gene tests into advanced cancer management. We are seeking to leverage in-house developed tests through partnering with third party developers of novel tests. Through this approach, the company is aiming to rapidly build a comprehensive portfolio of genetic tools enabling oncologists to more effectively manage patient diagnosis and therapy, which may improve treatment outcomes. Genetic Technologies is very excited to announce its relationship with Rosetta Genomics, an acknowledged leader in the area of microRNA diagnostic test development.”
The following tests will be distributed by Genetic Technologies: