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news.Biomagnetics Diagnostics has formed a joint venture with Hai Shiene Chen and ACGT DNA Technologies, a Canada-based provider of DNA sequencing and synthesis related services.
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ACGT DNA Technologies is reported to have extensive ties to China’s medical industry, including high-level government officials and private industry contacts
The company will focus on the creation of a separate Chinese Corporation (a subsidiary of Biomagnetics Diagnostics (BMGP)) to establish a functioning presence in China. ACGT currently has a separate operating division based in China. Biomagnetics’s goal is to use ACGT’s expertise and connections to help form BMGP’s Chinese division and qualify it for funding assistance from the Chinese government’s high tech incubator program.
In addition, Biomagnetics intends to develop revenues from its core diagnostics system as a solution for current needs within China’s healthcare and food industry. The company is finalizing preliminary letters of intent for providing BMGP’s testing technology for use within the Chinese food and medical industry.
The company said that it will also explore stem cell and genetic engineering application opportunities within China.
Clayton Hardman, CEO of BMGP, also announced that the company is currently reviewing a proposal from an Austria-based genetic engineering company and an independent research foundation. The proposal will grant BMGP access to their patented cancer treatment system, viral painting technology, scientists and laboratories to further explore BMGP’s proprietary technology.