NEW YORK (GenomeWeb) – Genetic Technologies and Swisstec today announced a deal to finalize a joint venture to create a new company.
The new company will enable GTG and Swisstec to develop a service platform using blockchain technology for medical services and personalized health management, the partners said, adding the JV will facilitate data management and AI-based services to improve health outcomes.
The JV will provide predictive genomic screening; radiology services; and clinical consultations and medical procedures across multiple disciplines. Its initial focus will be on Southeast Asia, and through Swisstec and its affiliates, it will have access to 12,000 hospitals in the region.
Swisstec provides medical imaging and healthcare IT solutions in Australia and Asia, as well as data collection, diagnostic algorithms, and research and commercialization of innovative medical solutions. It also has distribution deals in China and has reached preliminary agreements that will support the introduction of GTG's cancer tests and assessment tools and services in China.
GTG's lead product is the BrevaGenplus breast cancer risk assessment test, designed for women ages 35 years and older who have not had breast cancer but who have one or more risk factors. In March, the company announced a collaboration with the University of Melbourne aimed at expanding the test's capability to include women with an extended family history of the disease, and to increase the range of risk factors analyzed by the test.
Under the terms of the JV deal, which will be finalized over the next 30 days and no later than in mid-July, GTG and Swisstec will each have a 50 percent stake in the JV. The partners will consider and agree on the most appropriate financing mechanisms to support operations, and GTG will receive an equity stake of up to 20 percent in Swisstec. The JV's board will comprise two directors nominated by each party.
Other terms of the agreement were not disclosed.
"The JV company will aim to provide personalized 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," GTG Chairman Paul Kasian said in a statement. Â