Genetic Technologies

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.

The company said it is considering all transactions that would boost shareholder value including a merger or sale of its assets.

The Australian molecular diagnostics firm received 265 test samples during the quarter, including 140 tests issued to Ohio State University as part of an agreement.  

The company said it has been notified that its shares fail to meet the Nasdaq's $1 minimum bid price requirement.