Sun sets on blockchain play Genetic Tech’s proposed joint venture with Swisstec
Health & Biotech
Blockchain wannabe Genetic Technologies says the deadline has passed to seal a proposed joint venture with cloud imaging play Swisstec which it announced in June.
At the time, Genetic Tech chairman Dr Paul Kasian said the joint venture aimed to provide “personalised healthcare to individuals around the world, addressing the global need for precision medicine, access to specialists and cross-border availability of medical services and care”.
Swisstec chief Costar Pouzoulis said it would “help tens of thousands of people who would not normally have access to high quality healthcare services due to economic or geopolitical barriers”.
But a Tuesday afternoon update to the ASX revealed a sunset period to finalise the venture to co-develop a medical and health service platform using blockchain had expired.
Genetic said it would continue to progress discussions with Swisstec adding “the parties are continuing to work together to identify potential collaborative opportunities”.
It has been a tumultuous few months for Genetic, which in August hired US corporate advisory giants Roth to conduct a comprehensive strategic review to explore “strategic alternatives”.
They said in December they were in discussions with “multiple parties” for the sale of the company, however the takeover by the blockchain crew put the kibosh on that.
The original announcement of the Swisstec agreement had the companies working together over the following 30 days to nut out a joint venture for a new company, but advised yesterday they had failed to finalise the deal.
The statement said neither party had terminated the Heads of Agreement and that it would remain in place unless it was terminated by either party.
The stock closed down 9 per cent on the news, at 1c.