Genetic Technologies Announces Proposed Joint Venture with Beijing Zishan Health Consultancy Limited
August 16 2018 - 05:30AM
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 signed a Heads of Agreement (
Agreement) with
Beijing Zishan Health Consultancy Limited
(
Zishan). The Agreement provides a framework
according to which the two parties will explore opportunities to
achieve market entry, through a Joint Venture, for GTG’s genomic
tests into the health sector in the People’s Republic of
China.
The two parties bring complementary skills and assets to the
proposed Joint Venture. Zishan will take on the functions of sales,
account management, marketing and promotion of GTG’s genetic risk
assessment products for the Chinese market. Zishan and its
associated entities have strong relationships with the Chinese
government and will be an effective liaison between GTG and the
China Food and Drug Administration (CFDA).
GTG will provide the technology for its BREVAGenplus®,
non-familial breast cancer genetic screening test and pipeline of
other risk assessment tests as they become available. GTG will work
with Zishan to explore options for a licenced genetic testing
facility in China for the purposes of conducting genetic tests
using GTG’s patented technology.
It is intended that the Joint Venture will be owned 50% by GTG
and 50% by Zishan and its associated entities. Board positions will
likewise be allocated 50% to GTG and 50% to Zishan and its
associated entities.
Breast cancer is the most common cancer among women in China,
according to the latest data from China’s national cancer
registry. With a growing clinical market and increased
government investment in health-related technology, China is poised
to become one of the largest markets for genomic testing across a
range of diseases.Dr Paul Kasian, Genetic Technologies’ Chairman
commented: “We’re excited to work with Zishan Health. China is on
the forefront of preventative and precision medicine. We look
forward to exploring ways we can improve the lives of Chinese
people by providing insight into genetic risk that can inform
individualised screening and treatment of disease.”Gao Lei,
Executive Director of Beijing Zishan Health Consultancy Limited
further commented: “The Healthy China 2030 plan, launched by
President Xi Jinping in August 2016 is comprised from six policy
areas. One of which is focused on the prevention and treatment of
chronic, non-communicable diseases such as diabetes, cancers,
stroke and obesity. Genetic screening companies have been
identified as critical in the early detection of such diseases and
therefore lead to proactive treatment. After significant analysis
and review of many international genetic screening companies that
can participate and truly make a difference in China’s Health
sector, Zishan Health is proud to have selected GTG as its partner
in China. Not only because of GTG’s leading technology but also the
executive management and leadership team in GTG provide Zishan the
confidence of a mutual beneficial and successful partnership in
China.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul
Kasian |
Jason Wong
(USA) |
Chairman 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 Beijing Zishan Health Consultancy
LtdChina Healthcare Market will constitute one of the
largest markets in the world. In addition to rising demand for the
best available treatment from newly affluent consumers, China is
facing new challenges as cancer, heart disease, diabetes and other
chronic diseases afflict more of its population. In line with the
Healthy China 2030 China plan and based in mainland China, Beijing
Zishan Health Consultancy is focusing on the development and
management of healthcare sectors in China that include
Biotechnology, Medical Devices / Diagnostic equipment, Medical
Services, Digital Health Technology, Healthcare Distribution and
Health Investment Funds.
Safe Harbor StatementAny
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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