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Genetic Technologies establishes Asian operations in China.
The move into Asia includes the formation of Genetic Technologies HK Limited and Hainan Aocheng Genetic Technologies Co. Ltd. in Hong Kong and Hainan, China respectively.
Genetic Technologies to gain access to the Chinese health market (1).
MELBOURNE, Australia, April 11, 2019 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG) (GENE) (“Company”), a provider of world-leading genetic risk assessment test products, is pleased to announce that it has now established its Asian operations within the Hainan Resort Software Community (“HRSC”) Free Trade Zone.
Participants in the Hainan Medical Pilot Zone gain access to the Chinese healthcare market (1). As a part of the HRSC, Genetic Technologies will receive assistance in obtaining China FDA approval for the Company’s new and growing portfolio of genetic risk assessment tests, dramatically fast-tracking the ‘pathway to sales’ process. In addition, as a part of the HRSC, the Company can take advantage of significant tax benefits, subsidies, and facilitated investment.
HRSC market entry support includes:
Marketing assistance – providing a link with government sectors, hospitals and other Chinese based health enterprises
Obtaining test samples to undertake new product development specifically for the Chinese ethnic population
Chinese corporate registry support
Office space in the Free Trade Zone precinct and complimentary accommodation for GTG staff
Provision of a Dedicated HRSC Business Development Director (Mr York Yin)
“The Hainan Provincial Government has established a world-class technology zone in Hainan, and we are delighted that Genetic Technologies has joined the medical pilot precinct,” Mr Yin said.
HRSC is owned by China Electronics Corporate (CEC), a State-Owned Enterprise of the China Central Government. The companies approved to operate in China as part of the Hainan Free Trade Zone Initiative can take advantage of significant tax benefits, subsidies, and facilitated investment.
Dr Paul Kasian, Genetic Technologies’ Chairman and CEO, said, “The establishment of operations in Hainan China is a significant step to advance the adoption of genetic risk assessment tests in China and in due course other parts of Asia. We are grateful for the support we have received from HRSC to date and acknowledge their commitment to continue to work with GTG to provide a meaningful contribution to the Healthy China 2030 Policy.”
The establishment of operations follows on from the formal invitation to Genetic Technologies from the Hainan Provincial Government (as announced to the market on 14 August 2018). This announcement referred to the Company forming a joint venture with Zishan for its China initiative; however, the joint venture approach will not be progressing at this time. Instead, Genetic Technologies, through its 100% owned subsidiary HAGT, will work to introduce its world-class genetic risk assessment tests to the Chinese market.
Dr Kasian said, “This is likely to include partnering with Chinese health and medical distribution companies and CFDA accredited genetic testing laboratory operations. The HRSC team will help us find appropriate collaboration partners in mainland China. We hope that Genetic Technologies’ growing suite of world-leading genetic risk assessment test products will become central to China’s future preventative medicine activities.”
(1) The Chinese Healthcare market has an estimated value in excess of US$925 billion – Statista Statistics Portal 2017
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About Genetic Technologies Limited
Genetic 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 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.