Genetic Technologies Formalises Strategic Alliance with Blockchain Global
August 02 2018 - 6:00AM
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 Framework Agreement
(“
Agreement”) with Blockchain Global Limited ACN
601 628 497 (“
BCG”). The Agreement formalises the
non-binding terms sheet that was entered into between GTG and BCG
on 2 February 2018, which outlined a proposed strategic alliance
between the parties with respect to the provision of a suite of
blockchain opportunities to GTG to leverage off GTG’s existing
genetics testing platform, existing CLIA approved laboratory and
long history in genomics, along with BCG’s extensive blockchain
experience, with the proposed issue of 486,000,000 shares to BCG in
3 tranches subject to the achievement of certain milestones.
The Agreement clearly articulates the process by which a BCG
alliance opportunity once introduced, will be considered and
reviewed by GTG to qualify for the award of milestone shares. The
Framework Agreement will only become binding upon GTG obtaining
shareholder approval (by non-associated GTG shareholders).Since
announcing the strategic alliance in February 2018, GTG has through
the relationship with BCG initiated agreements with Project Shivom
and more recently Swisstec Health Analytics, both of which will
seek to unlock opportunities that combine genetic screening
capabilities with blockchain technology to promote better health
outcomes for people around the world. GTG has also
established a dedicated blockchain functional team to actively
engage with stakeholders as well as evaluate and pursue the
opportunities that are presented.
Blockchain technology presents a unique opportunity for GTG to
contribute to the advancement of genetic research with the security
and privacy inherent in the blockchain providing a means by which
individuals can share their genomic information with research
organisations while retaining control of their personal medical
records. GTG is also exploring the implications of blockchain
technology to enable big data applications that will utilise
artificial intelligence to promote personalised healthcare informed
by the genomics data. The creation of a store of genetic data may
more accurately guide the treatment of individuals according to
their genetic risk profile. When high-risk individuals are
monitored appropriately, potentially dangerous cancers and other
diseases can be detected early. Treatment options for
early-stage cancer are more effective and less disruptive to the
individual. This presents opportunities for greater efficiency
across the healthcare system while ensuring better patient
outcomes.
Dr Paul Kasian, Genetic Technologies’ Chairman commented: “The
Agreement with BCG will allow GTG to actively collaborate on
projects that use blockchain technology to advance biomedical
opportunities including genetic research. Participating with
blockchain teams involved in genetics is helping us bring new risk
assessment products to market faster and it’s creating pathways for
us to reach more people around the world.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul Kasian
Chairman and Interim CEO
Genetic Technologies Limited
+ 61 3 8412 7000
Jason Wong (USA)Blueprint Life Science Group+1
(415) 375 3340, Ext. 4
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 Blockchain Global
LimitedBlockchain Global Limited (founded in 2014) is a
leading global blockchain technology commercialisation and
investment company. To capitalise on the extensive IP from
operating blockchain auditing infrastructure across 3 facilities,
Blockchain Global in 2016 expanded operations beyond providing
auditing services for the Bitcoin network, through the material
revenue growth for its management consulting division and corporate
incubation program.
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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