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As per ASX announcement on 21st December 2018, Genetic Technologies Limited (ASX:GTG) has signed a joint venture with Blockshine Technology Corporation (BTC), via its subsidiary Gene Ventures Pty Ltd. The combined company âBlockshine Healthâ is expecting to develop blockchain opportunities in the biomedical sector. Blockshine Health will be utilizing BTCâs technology base as well as its exposure and market size in the biomedical sector.
With a 49% equity stake, GTG will be investing $250000 in the joint venture.
Post the JV announcement, GTG stock soared high to $0.007, up by 16.7% (as at 2:14 PM, 21st December 2018)
Genetic Technologies is a medical diagnostics company offering breast cancer predictive testing kits to help doctors efficiently monitor patient health. It specialises in womenâs health. Its client base includes breast health care professionals, imaging centres, gynaecologists and breast care physicians.
The chairman of Genetic Technologies eyes great potential in the blockchain technology in the biomedical space. The technology has provided a quantum leap in the opportunity for creation collection, management and data security with specific application. The critical partnership between GTG and BTC will leverage off GTG's Biotech experience as well as BTCâs extensive development capabilities in the blockchain space. The company considers 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 stated that the merged entity would aim to advance the application of blockchain technology in the medical field and promote more high-quality blockchain projects in the future.
The Companyâs flagship product, BREVAGenplus is a clinically validated breast cancer risk evaluation test for women. The genetic test can access womenâs exposure to breast cancer risk over the next 5 years.
The company has been on a collaborative research program with the Centre for Epidemiology and Biostatistics at the University of Melbourne since March 2018. The programs aimed to broaden the applicability of BREVAGenplus to women with an extended hereditary disease history. Today, the company provided year end update on the program stating its excellent R&D progress. The improved risk test is well validated, and the new product will be launched in the market by Q12019 end.
As announced on 16th July 2018, Genetic Technologies underwent a series of additional genetic risk prediction tests such as colorectal cancer, prostate cancer, melanoma, type2 diabetes and cardiovascular disease. The company is in the process of obtaining the necessary data to test these diseases and the new products are expected to be offered with 1HY2019.
The company was incorporated in 1987 and listed on ASX in 2000 and NASDAQ in 2005. With genetic testing business specializing in cancer diagnostic, the company launched the BREVAGenplus test across the U.S. in 2011, via its U.S. subsidiary Phenogen Sciences Inc., and released the second generation BREVAGenplus test in late 2014, significantly expanding the applicable market.
The company holds several accreditations such as The Clinical Laboratory Improvement Amendments (CLIA) license, The Clinical Laboratory Evaluation Program (CLEP) license, A Medical Device Establishment License (MDEL) required for Canada, The BREVAGenplus test CE marked for sale in Europe.
GTG recently released its US Annual report for the year ended June 2018. The company incurred a Net Loss of $5,986,838 as compared to Net Loss of $8,534,481during 2017. A net operating cash outflow of $5,621,315 is reported for the year, as against $6,813,639 last year. The group held cash and cash equivalents $5,487,035.
The companyâs stock provides a YTD return of -50% to the investors.
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