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Genetic Technologies Announces Heads of Agreement with SwisstecMELBOURNE, Australia, June 19, 2018 (GLOBE NEWSWIRE) -- 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:
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.
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) About Genetic Technologies Limited 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 Ltd 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. |