Genetic Technologies Share Price Rockets up due to Binding Agreement

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Healthcare business Genetic Technologies Ltd [ASX:GTG] is clearly doing something right as its share price soared 22.22% today.

By entering into a binding agreement with Omix Ventures Private Ltd, also known as Shivom, it’s now able to create new opportunities while expanding its business platform.

Genetic Technologies specialises in diagnostics and research, focusing on data variations to help counter breast cancer.

Shivom is able to provide Genetic Technologies with access to large pools of data in relation to the Indian population, allowing it to conduct new tests related to diabetes and other diseases.

GTG will receive money from Shivom as initial payment for research purposes

Due to its newly acquired funds of $200,000, Genetic Technologies is able to push fourth its product development cycle and activities at a much quicker rate, whilst also potentially expanding its brand exposure.

This partnership has allowed GTG to open up new channels in the market for a more improved cycle of genetic tests and diversification. And with India having such a large population, it’s a great acquisition for its research pool.

GTG is aware of Shivom’s knowledge in technological factors.

Dr Paul Kasian stated on Genetic Technologies media release:

The signing of the Agreement with Project Shivom is the first formal step along the path to what we believe will be a significant opportunity for both parties. GTG is committed to actively developing a range of risk prediction tests that are designed to assist in the early detection of diseases and help physicians improve patient outcomes. Blockchain technology presents a unique opportunity for GTG to contribute to the advancement of cancer and other disease research.

Genetic Technologies agreement with Shivom will hopefully keep the company on the right path to future success in both the genetic testing fields and Genetic Technologies growth.


Ryan Clarkson-Ledward,
For Money Morning

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About Ryan Clarkson-Ledward

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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