Genetic Technologies Announces Binding Project Shivom Agreement
June 07 2018 - 5:30AM
Genetic Technologies Limited (ASX:GTG) (Nasdaq:GENE),
“
Company”, “
GTG”), a diversified
molecular diagnostics company embracing blockchain technologies
across genomic testing platforms, is pleased to announce that it
has entered into a binding agreement (“
Agreement”)
with Omix Ventures Private Limited (“
Project
Shivom”), formalising the business relationship originally
documented in the non-binding terms sheet previously announced to
the market on 6 March 2018.
Whilst the terms of the agreement remain confidential, the
initial phase of the collaboration includes the following operative
conditions;
- Project Shivom to provide GTG access to a significant pool of
data, particularly related to the Indian population.
- GTG, through access to the Indian population data to modify its
risk assessment kits as well as to develop new Indian specific
tests or products, including tests related to diabetes and other
disease, based on opportunity and areas of need.
- Project Shivom will facilitate access to Indian hospitals and
patients and assist in promoting and marketing GTG’s risk
assessment tests on the Shivom platform.
GTG will receive US$200k from Project Shivom 180 days from the
signature of the original terms sheet on 6 March 2018, as an
initial payment to commence the research and development and
product development activities. The balance of any cost to finalise
the development of the initial test will be jointly funded by the
parties. Dr Paul Kasian, Genetic Technologies’ Chairman commented:
“The collaboration presents an exciting opportunity for GTG in
terms of opening up new markets for the Company’s genomic tests,
particularly one of the size and diversity of the Indian market.
According to available market data, the International Diabetes
Federation and World Health Organisation estimate that India had in
excess of 70 million living with diabetes in 2017.”
Project Shivom recently
completed their initial fundraising initiative, bringing in US$35
million which will facilitate the commencement of its goal to
establish a Precision Medicine “ecosystem” – a decentralised
blockchain where people can get their genome sequenced and
stored. Project Shivom, subject to patient take-up / market
penetration, plans to collect significant volumes of genomic data
in order to create a platform to provide ancestry data, personal
health insight and genomic data for research, and it is seeking to
collaborate with partner organisations such as GTG across multiple
industries to establish a fully integrated, open, shareable,
scalable ecosystem.
Dr Paul Kasian, Genetic Technologies’ Chairman
further commented: “The signing of the Agreement with Project
Shivom is the first formal step along the path to what we believe
will be a significant opportunity for both parties. GTG is
committed to actively developing a range of risk prediction tests
that are designed to assist in the early detection of diseases and
help physicians improve patient outcomes. Blockchain technology
presents a unique opportunity for GTG to contribute to the
advancement of cancer and other disease research. This
collaboration allows us to work alongside an organisation that is
equally passionate about achieving the best possible patient
outcomes utilising the most effective technology in
blockchain.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul
Kasian |
Jason Wong
(USA) |
Director and Interim
CEO |
Blueprint Life Science
Group |
Genetic Technologies
Limited |
+1 (415) 375 3340, Ext.
4 |
+ 61 3 8412 7000 |
|
About Genetic Technologies
LimitedGenetic Technologies is a diversified molecular
diagnostics company embracing blockchain technologies across
Genomic testing platforms. GTG offers cancer predictive testing and
assessment tools to help physicians proactively manage patient
health. The Company’s lead product, BREVAGenplus®, is a clinically
validated risk assessment test for non-hereditary breast cancer and
is first in its class. For more information, please visit
www.brevagenplus.com and www.phenogensciences.com.
Genetic Technologies is developing a pipeline of
risk assessment products including a novel colorectal cancer (CRC)
test. For more information, please visit www.gtgcorporate.com
About Project ShivomProject
Shivom is powering the next era of genomics through blockchain
technology – protecting identity, personalizing healthcare and
transforming lives. For the first time ever, a precision medicine
ecosystem will offer an open web-marketplace for other providers to
add not only genomics information, but also analytics, and
associated apps and services to drive personalized medicine. We
further aim to extend our services to form a global network of
laboratories and research centres, as well as genetic counsellors
and other relevant services. For further information, please
visit: https://shivom.io/
Safe Harbor Statement
Any statements in this press release that relate
to the Company's expectations are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act.
The Private Securities Litigation Reform Act of 1995 (PSLRA)
implemented several significant substantive changes affecting
certain cases brought under the federal securities laws, including
changes related to pleading, discovery, liability, class
representation and awards fees. Since this information may involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results. Additional risks associated with Genetic Technologies'
business can be found in its periodic filings with the SEC.
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