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.
Genetic Technologies is still pitching the breast cancer diagnostic and has yet to dip its toes in a blockchain venture after a proposal with cloud imaging play Swisstec fell over in August.
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”.
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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.