Genetic Technologies Announces Heads of Agreement with Swisstec
June 19 2018 - 5:30AM
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 entered into a Heads of Agreement with Swisstec Health
Analytics Ltd. (“
Swisstec”) to work together over
the next 30 days to finalise a Proposed Joint Venture (PJV) to
establish a new Company, (“
JV Company”). The JV
Company will enable both companies to collaborate to develop a
service platform using blockchain technology that will provide a
marketplace for medical services and personalised health
management, and will also facilitate data management and AI-based
services to promote better patient outcomes. The JV Company will
also:
- Seek to provide participants in the marketplace with pathways
to predictive genomic screening, radiology diagnostics, clinical
consultations and medical procedures across a variety of
disciplines from specialists around the world.
- Initially focus on the Southeast Asian market, where severe
shortages of doctors and specialists hinder the delivery of
healthcare to the largest population on the planet. Participants on
the platform will be onboarded individually or via hospital
referrals. Through Swisstec and its affiliates, it is anticipated
that the JV Company will gain access to over 12,000 hospitals in
the region.
Swisstec and its partners have developed
numerous advanced technologies for imaging and healthcare IT, data
collection, diagnostic algorithms, research and commercialisation
of innovative medical solutions. Swisstec have also formed
distribution relationships in China, with preliminary agreements in
place that may support the introduction of GTG’s cancer predictive
testing and assessment tools and services into Chinese
hospitals.Whilst the terms of the agreement remain confidential,
the key terms underlying the establishment of the JV Company are as
follows;
- GTG and Swisstec will each hold 50% of the fully paid
ordinary shares on issue on incorporation,
- The board of directors will comprise 2 directors nominated by
each party on incorporation,
- The parties will consider and agree on the most appropriate
mechanism/s for raising funds to support operations,
- GTG will receive an equity stake in Swisstec of up to 20%.
It is the intent of both parties to execute formal agreements to
establish the PJV no later than mid July 2018. Both parties will
work over this period to complete all legal arrangements.
It is expected that the JV Company will complement GTG’s plans
to enter new markets and expand adoption of its predictive breast
cancer screening test into Asia. According to data released by the
World Health Organisation, in 2012 approximately one in four cases
of female breast cancer diagnoses around the world were made in the
Asia-Pacific region with the highest proportion of new cases in
China (46%), Japan (14%) and Indonesia (12%). The global total of
new breast cancer cases is projected to rise by 70% over the next
two decades.
Dr Paul Kasian, Genetic Technologies’ Chairman commented: “The
JV Company will aim to provide personalised healthcare to
individuals around the world, addressing the global need for
precision medicine, access to specialists and cross-border
availability of medical services and care.”
Costar Pouzoulis, CEO of Swisstec further commented: “By
focussing on Southeast Asia, the JV Company will help tens of
thousands of people who would not normally have access to high
quality healthcare services due to economic or geopolitical
barriers.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr Paul Kasian
Jason Wong
(USA)Chairman and Interim
CEO
Blueprint Life Science GroupGenetic 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 Swisstec Health Analytics
LtdSwisstec Health Analytics is a leading provider of
medical imaging and healthcare IT solutions in Australia and Asia.
Utilising cloud-based PACS, RIS and an advanced patient portal,
Swisstec delivers solutions with embedded Artificial Intelligence
(A.I.) to satisfy population health demands throughout the Asia
Pacific region. An extensive strategic network of partnerships
with doctors, hospitals, radiologists and sub-specialists allows
Swisstec to continue to grow their intellectual property
platform.
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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