‘Lots of frog-kissing’: still no blockchain deal for GTG but boss gets a pay bump
Health & Biotech
Genetic Technologies is giving its CEO a big pay bump to reflect the time it’s taking to fulfil promises made in January.
Paul Kasian, who has been interim CEO since a boardroom coup at the start of the year, sees his pay packet rise from $153,000 to $200,000.
Mr Kasian was part of a move in late 2017 by a group backed by Melbourne investor Sam Lee who founded investment vehicle Blockchain Global.
Riding the blockchain train of early 2018, they promised to turn Genetic Tech (ASX:GTG) into a blockchain-based medical data management company and review its flagship product, a breast cancer genetic test.
But the switch hasn’t happened yet.
A deal with Blockchain Global was supposed to see the two companies look for “potential medical and biotech blockchain applications… along with BCG’s extensive blockchain application experience”.
So far they have secured a proposed joint venture with a Chinese company to look at distributing the existing breast cancer test in that country.
Mr Kasian says they are “kissing a lot of frogs” and the Blockchain Global agreement is still in play.
“We’re prepared to be patient,” he told Stockhead.
Genetic Tech’s share price has tracked sideways since a bump following the boardroom ructions in January. It was sitting at 11c on Thursday morning.