Genetic Technologies Asian Operations Established in Hainan, China
April 11 2019 - 9:15AM
Highlights
Genetic Technologies Limited (ASX:GTG) (NASDAQ: GENE) (“Company”),
a provider of world-leading genetic risk assessment test products,
is pleased to announce that it has now established its Asian
operations within the Hainan Resort Software Community
(“
HRSC”) Free Trade Zone.
Participants in the Hainan Medical Pilot Zone gain access to the
Chinese healthcare market (1). As a part of the HRSC, Genetic
Technologies will receive assistance in obtaining China FDA
approval for the Company’s new and growing portfolio of genetic
risk assessment tests, dramatically fast-tracking the ‘pathway to
sales’ process. In addition, as a part of the HRSC, the Company can
take advantage of significant tax benefits, subsidies, and
facilitated investment.
HRSC market entry support includes:
- Marketing assistance – providing a link with government
sectors, hospitals and other Chinese based health enterprises
- Obtaining test samples to undertake new product development
specifically for the Chinese ethnic population
- Chinese corporate registry support
- Office space in the Free Trade Zone precinct and complimentary
accommodation for GTG staff
- Provision of a Dedicated HRSC Business Development Director (Mr
York Yin)
“The Hainan Provincial Government has established a world-class
technology zone in Hainan, and we are delighted that Genetic
Technologies has joined the medical pilot precinct,” Mr Yin
said.
HRSC is owned by China Electronics Corporate (CEC), a
State-Owned Enterprise of the China Central Government. The
companies approved to operate in China as part of the Hainan Free
Trade Zone Initiative can take advantage of significant tax
benefits, subsidies, and facilitated investment.
Dr Paul Kasian, Genetic Technologies’ Chairman and CEO, said,
“The establishment of operations in Hainan China is a significant
step to advance the adoption of genetic risk assessment tests in
China and in due course other parts of Asia. We are grateful for
the support we have received from HRSC to date and acknowledge
their commitment to continue to work with GTG to provide a
meaningful contribution to the Healthy China 2030 Policy.”
The establishment of operations follows on from the formal
invitation to Genetic Technologies from the Hainan Provincial
Government (as announced to the market on 14 August 2018). This
announcement referred to the Company forming a joint venture with
Zishan for its China initiative; however, the joint venture
approach will not be progressing at this time. Instead, Genetic
Technologies, through its 100% owned subsidiary HAGT, will work to
introduce its world-class genetic risk assessment tests to the
Chinese market.
Dr Kasian said, “This is likely to include partnering with
Chinese health and medical distribution companies and CFDA
accredited genetic testing laboratory operations. The HRSC team
will help us find appropriate collaboration partners in mainland
China. We hope that Genetic Technologies’ growing suite of
world-leading genetic risk assessment test products will become
central to China’s future preventative medicine activities.”
(1) The Chinese Healthcare market has an estimated value in
excess of US$925 billion – Statista Statistics Portal 2017
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul KasianChairman and
Interim CEOGenetic Technologies+61 3 8412 7000 |
Mr Paul VineyCOO, CFO and
Company SecretaryGenetic Technologies+ 61 438 072 616 |
Investor Relations and Media -
AustraliaKarinza
PhoenixStocksDigital+61 428 981
074karinza@stocksdigital.com |
Investor Relations and Media –
USAMr Dave
GentryRedChipOffice:
1.800.RED.CHIP (733-2447) Cell:
407.491.4498Dave@RedChip.com |
About Genetic Technologies
Limited
Genetic 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
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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