The Australian firm will use the proceeds for R&D, expansion in China, and to fund the development of polygenic risk tests with TGen in the US.
The company, which also trades on the Australian Securities Exchange, has 45 days to submit a plan to the Nasdaq as to regaining compliance.
The partners will work together on a US commercialization strategy for Genetic Technologies' line of existing and future polygenic risk tests.
The FDA this week warned against the use of pre-owned test strips, as well as test strips not authorized for sale in the US, saying they may lead to inaccurate test results or potentially serious infection.
The planned joint venture with Beijing Zishan Health Consultancy is aimed at bringing Genetic Technologies' genomic tests to the Chinese market.
The company intends to use the proceeds for, among other things, investigating the use of blockchain technology in medicine and biotechnology.
The deal comes a little more than month after the companies agreed to form a joint venture that will develop a blockchain-based healthcare service platform.
A new company will be established to develop a service platform using blockchain technology for medical services and personalized health management.
The partners are aiming to broaden the applicability of Genetic Technologies' BrevaGenplus breast cancer risk assessment test.
The partners aim to develop and access a blockchain-based genomic data management platform for cancer diagnostic development.