Genetic Technologies Limited Invited by Representatives of the Hainan Government to Discuss Market Entry into China
August 21 2018 - 5:30AM
Representatives of the Hainan Government - Hainan Ecological Smart
City Group (“
HESCG”), a Chinese industrial park
development & operations company have formally invited Genetic
Technologies Limited (“
GTG”) to visit the Hainan
Medical Pilot Zone to conduct a formal review and discuss
opportunities for market entry into China via the Hainan Free Trade
Zone initiative. The invitation was extended to GTG via Beijing
Zishan Health Consultancy Limited (“
Zishan”),
demonstrating the potential for growth presented by the proposed
Joint Venture between the parties (as announced to the market on 16
August 2018).
The Hainan Boao Lecheng International Medical Tourism Pilot Zone
is a world-leading green city project which integrates medical
services, wellness, pharmaceuticals, scientific research,
rehabilitation, senior care, and tourism in an area dedicated to
energy conservation and environmental protection. It is
located at the eastern side of Hainan Province (an island located
off the coast of Southern China).
Participants in the Hainan Medical Pilot Zone gain access to the
Chinese healthcare market with an estimated value in excess of
US$800B. Discussions with HESCG form part of an official
review process to evaluate the feasibility of offering GTG’s suite
of genetic risk assessment tests into China through the Hainan
Medical Pilot Zone.
Companies approved to operate in China as part of the Hainan
Free Trade Zone Initiative can take advantage of significant tax
benefits, subsidies and investment. Hainan Province offers unique
advantages to approved foreign companies, including:
- Market access for medical technologies, devices and
pharmaceutical products eased by special import tariffs for foreign
companies — ranging from partial to full exemption of import duties
or consumption taxes
- Special privileges for stem cell and cutting-edge research
projects for clinical applications
- A relaxation of controls over certain medical approvals to
encourage foreign capital investment and business operations
- Permission for international organisations to host conferences
and events in the province
With a growing clinical market and increased government
investment in health-related technology, China is poised to become
one of the largest global markets for genomic testing. The
invitation from representatives of the Hainan Government represents
a significant opportunity for GTG to advance the adoption of
genetic risk assessment tests in the region.
Dr Paul Kasian, Genetic Technologies’ Chairman commented: “We
are honoured to receive this invitation from representatives of the
Hainan government to discuss how we can participate in the Medical
Pilot Zone. We are grateful to Zishan for creating this opportunity
for us and look forward to contributing to the Healthy China 2030
initiative through genetic screening for the early detection of
disease.”
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 Limited (ASX: GTG; Nasdaq:
GENE) 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
Ltd China 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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