Genetic Technologies Limited Announces New Biomedical Blockchain Joint Venture
December 20 2018 - 6:04PM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE, “Company”),
via its subsidiary Gene Ventures Pty Ltd, is pleased to announce
that it has entered into a joint venture with Blockshine Technology
Corporation (BTC). The joint venture (JV) company, called
Blockshine Health, will pursue and develop blockchain opportunities
in the biomedical sector. Blockshine Health will have full access
to BTC’s technology (royalty free) as well as all of its
opportunities in the biomedical sector. GTG will invest $250,000
into the JV and have a 49% equity stake.
Genetic Technologies Chairman and CEO, Dr Paul Kasian has made
the following comments: “Blockchain technology has provided a
quantum leap in the opportunity for creation, collection,
management, and most importantly the security of data with specific
application in the biomedical space.”
“GTG is excited by the opportunity to enter into a JV with BTC.
The new entity, Blockshine Health, will leverage off GTG's biotech
experience as well as BTC’s extensive development capabilities in
the blockchain space with over 150 employees focussing on leading
edge technological development.”
“GTG has demonstrated its ability to commercialise R&D from
concept to sales into the biggest healthcare market in the world
and we see Blockshine Health as the perfect vehicle to cement a
leading brand in the blockchain healthcare space.”
Layla Dong, Founder and CEO of Blockshine Technology Corporation
said, “Blockshine Technology always puts the application of
blockchain technology in the first place, and only when the
technology truly serves the real economy, can the benefits of
technological progress be shared with more people. Blockshine
Health aims to advance the application of blockchain technology in
the medical field and promote more high-quality blockchain projects
in the future.”
FOR FURTHER INFORMATION PLEASE CONTACT
Dr
Paul KasianDirector & Interim CEOGenetic Technologies
Limited+ 61 3 8412 7000 |
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Jason Wong (USA)Blueprint Life Science Group+1
(415) 375 3340, Ext. 4 |
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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
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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