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.
Genetic Technologies and Blockchain Global may partner to develop medical and biotechnology applications that combine their respective technologies.
The company's management has also recommended its shareholders vote against resolutions to remove members of its board at an upcoming shareholder meeting.
The company's stock faced delisting for trading below $1 for 30 consecutive business days in violation of the Nasdaq's requirements.
The company said that an effort by a group of shareholders to oust the company's management may impact the strategic review process.
Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.
A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.
An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.
In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.