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09/09/18
09:38
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Interestingly the wording has changed with “exclusive distribution rights” now reading “distribution rights” I wonder if this means the sticking point has been resolved and they will go binding shortly.
Genetic Technologies (GTG)
Genetic Technologies (GTG) is a public company dual listed on the ASX and Nasdaq, is a diversified molecular diagnostics company offering cancer predictive testing and assessment tools to help physicians and individuals manage their health. GTG operates one of the world's only non-USA based laboratories licensed to handle genomic material for predictive cancer testing for which over US$100M has been spent in development.
Swisstec has distribution rights to market GTG products for all markets excluding the USA. The parties have agreed to establish a new company ‘Lyfe120’ for the purpose of developing 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 Transaction will provide both GTG and Swisstec with the opportunity to increase their existing product and service offerings, access a larger number of potential customers and expand into new markets and jurisdictions.
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