NEW YORK (GenomeWeb) – Genetic Technologies announced today that it has granted the nonexclusive distribution rights for its genetic screening tests in Asia to Swisstec Health Analytics.
Fitzroy, Australia-based Genetic Technologies offers the BrevaGenplus breast cancer risk assessment test and is developing additional cancer risk assessment products including one for colorectal cancer.
Under the terms of the deal, Swisstec will have the nonexclusive rights to distribute the tests to hospital networks in Asia. In exchange, Genetic Technologies will receive a 5 percent equity stake in Swisstec, and may acquire an additional 5 percent based on the achievement of certain undisclosed milestones. Genetic Technologies has also agreed to provide Swisstec with A$250,000 ($185,238) to facilitate its expansion into China.
The distribution deal comes a little more than month after Genetic Technologies and Swisstec agreed to form a joint venture that will develop a service platform using blockchain technology for medical services and personalized health management. As part of that collaboration, Genetic Technologies will receive a 20 percent stake in Swisstec.