Genetic Technologies Limited: Project Shivom Strategic Alliance
March 06 2018 - 5:30AM
Genetic Technologies Limited (ASX:GTG) (NASDAQ:GENE)
(“
Company”, “
GTG”) a diversified
molecular diagnostics company; provider of BREVAGenplus®, a
first-in-class, clinically validated risk assessment test for
sporadic (non-hereditary) breast cancer, embracing blockchain
technologies across genomic testing platforms, is pleased to
announce that it has entered into a non-binding terms sheet with
Omix Ventures Private Limited which operates Project Shivom, as
further described below. (“
Project Shivom”).
Project Shivom has announced that it is planning to accumulate
and create the world’s largest sequenced genetic database. The
collaboration with GTG is intended to;
- Provide a framework for GTG to become a collaborative
laboratory as part of a global network of laboratories as envisaged
by Project Shivom,
- Enhance GTG’s experience in the development of predictive
cancer tests through access to a large population of data and new
markets,
- Potentially form the basis of a new data monitoring and real
time risk assessment service,
- Allow GTG, through access to this significant pool of data to
modify its risk assessment kits for additional ethnicities as well
as the potential to develop new products based on opportunity and
areas of need,
- Provide Project Shivom with access to GTG’s CLIA accredited
laboratory situated in Victoria. It is expected that this
relationship could result in GTG increasing its operations in terms
of samples processed; comprehensively improving its database and
generating increased revenues on a pay per use basis,
- Provide an opportunity for GTG to offer genetic counselling and
become part of the global genetic counselling network as envisaged
by Project Shivom.
Project Shivom is in the
process of establishing 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 commented: “The
Board is excited about the opportunity to collaborate with Project
Shivom on its unique blockchain platform. Where the formal
terms are agreed with Project Shivom, access to such a large
database of genomic data would allow GTG to utilize its SNP based
risk assessment technologies and Australian CLIA accredited
laboratory to facilitate the potential further development of other
predictive cancer tests, enabling GTG to offer a comprehensive risk
assessment portfolio."
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul
Kasian |
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Jason Wong
(USA) |
Director and Interim
CEO |
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Blueprint Life Science
Group |
Genetic Technologies
Limited |
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+1 (415) 375 3340, Ext.
4 |
+ 61 3 8412 7000 |
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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 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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