An Australian science project to resurrect an extinct frog species has been named one of the world's best inventions.

The Lazarus Project centres on a genome technology developed by researchers from the University of Newcastle. It was included in Time magazine's 25 Best Inventions of the Year 2013 list because it has been successfully used to bring back to life the gastric-brooding frog.

Famous for giving birth through its mouth, the native frog has been extinct since 1983. The researchers were able to collect DNA from frozen frog tissue stored in a conventional freezer for 40 years. Using a process known as somatic cell nuclear transplantation, they deactivated eggs from the distantly related great-barred frog and swapped the nuclei with that of the gastric-brooding frog.

While none of the resulting embryos survived past a few days, genetic tests confirmed they were full of the genetic material from the extinct species.

The project is led by paleontologist Prof. Mike Archer, who worked in conjunction with cloning specialists and frog expert Michael Mahony.

Mahoney described the 'de-extinction' technology as an "insurance policy" against extinction.

"We need to have some process by which we can prevent extinction," he told ABC Radio on Friday. It was not just about bringing species back from the dead, he said, but making sure technology could address a biodiversity crisis around the world.

"The Jurassic Park scenario is the one people think about when you bring back extinct species," Mahony said. "I actually don't focus so much back on the past, as [on] what is possible in the future."

It's believed the gastric-brooding frog's extinction was caused by a disease that stems from a fungus spread by humans.

The project team say they hope Lazarus will provide a stepping stone for the long-extinct Tasmanian tiger, or thylacine.