Genetic Technologies (NASDAQ: GENE), a provider of world-leading genetic risk assessment test products, announced that it has now established its Asian operations within the Hainan Resort Software Community (“HRSC”) Free Trade Zone.
Why It Matters: Participants in the Hainan Medical Pilot Zone gain access to the $925 billion Chinese healthcare market. As a part of the HRSC, Genetic Technologies will receive assistance in obtaining China FDA approval for the Company’s new and growing portfolio of genetic risk assessment tests, dramatically fast-tracking the ‘pathway to sales’ process. In addition, as a part of the HRSC, the Company can take advantage of significant tax benefits, subsidies, and facilitated investment.
Key Quote: “The establishment of operations in Hainan China is a significant step to advance the adoption of genetic risk assessment tests in China and in due course other parts of Asia. We are grateful for the support we have received from HRSC to date and acknowledge their commitment to continue to work with GTG to provide a meaningful contribution to the Healthy China 2030 Policy.” Dr. Paul Kasian, Chairman & CEO
Disclosure
Genetic Technologies (NASDAQ: GENE) is a client of RedChip Companies, Inc. GENE agreed to pay RedChip Companies, Inc. a monthly cash fee for six (6) months of RedChip investor awareness services.
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