Bionomics and GTG announce strategic alliance to jointly commercialise new genetic tests for epilepsy.
Under the alliance, Bionomics grants to GTG worldwide testing and marketing rights, including exclusivity for Australia and New Zealand, to new epilepsy tests developed by Bionomics. GTG now grants to Bionomics a license to the GTG non-coding patents.
The first test to be launched under this programme will identify cases of severe myoclonic epilepsy in infants (SMEI) - a serious form of epilepsy in children.
The tests will be performed by GTG and will also be made available to the GENDIA network of international genetic testing laboratories, which will bring these tests to more than 70 countries around the world, including key markets in United States and Europe.
Bionomics and its academic collaborators will support GTG in the development and marketing of these tests. A key benefit of the SMEI test will be faster and more definitive diagnosis of this serious condition, thereby helping to guide treatment options. Additional tests in relation to other causes of epilepsy will be added to the programme in due course.
The precise terms of the financial arrangements between GTG and Bionomics are covered by confidentiality, but it can be disclosed that both parties will benefit from the revenues generated from this new alliance. GTG will pay Bionomics a signing fee, royalties and future milestone payments in relation to revenues received from this epilepsy testing, world-wide, while Bionomics will also pay GTG for a license to the GTG non-coding patents.
Bionomics holds patent applications at various stages of prosecution incorporating over 600 genes it has discovered and related utility in specific therapeutic and diagnostic applications. The company is leveraging that expertise and intellectual property to generate both near term and longer-term revenues. Focusing on central nervous system disorders (particularly epilepsy) and cancer, Bionomics and its collaborative partners are developing diagnostics for the early detection of these conditions (near term revenue) and therapeutics to treat them (longer term revenue). The company is looking to generate growth both organically and through acquisition.
Bionomics' drug and diagnostic development is built on two proprietary discovery platforms. IonX, is used to identify genetic targets for potential diagnostics and therapeutics for epilepsy and Angene is used to identify angiogenesis based cancer drug prospects.
+61 8 8354 6101
|Printer friendly Cite/link Email Feedback|
|Publication:||BIOTECH Patent News|
|Date:||Nov 1, 2004|
|Previous Article:||Bionomic's gene silencing molecules inhibitor tumor growth in breast cancer model.|
|Next Article:||Bionomics commercialization gaining momentum.|