Country for PR: Japan
Contributor: Kyodo News JBN
Monday, August 21 2017 - 16:00
AsiaNet
Genesis Healthcare, Pioneer in Genetic Health Testing, Announces 1.4 Bil. Yen New Share Issue to Rakuten
TOKYO, Aug. 21, 2017 /Kyodo JBN-AsiaNet/--

Genesis Healthcare Co. has announced the completion of a new share issue worth 
1.4 billion yen for allotment to Rakuten Inc. Furthermore, Rakuten's Chairman 
and CEO will join Genesis Healthcare's Board of Directors as an External Board 
Director. As a result of the new stock offering, Genesis Healthcare's capital 
has increased to 2.1 billion yen, one of the largest paid-in-capital levels 
among genetic testing companies in Japan.

Genesis Healthcare, founded in 2004, already manages one of the largest genetic 
databases in Asia and Japan, with data of approximately 520,000 individuals as 
of August, 2017, and plans to increase its database size to one million by 
2020. While Genesis Healthcare offers various genetic testing services to the 
government, medical community, academia, industry and consumers, it also offers 
healthcare and disease prevention test kits and IT services under the consumer 
brand "GeneLife" in order to enrich people's lives through personalized genetic 
testing.  

Genesis Healthcare's Co-Founder and President, Dr. Iri Sato Baran, commented: 
"The investment by Rakuten, a Japan leader in Internet services, will allow us 
to increase awareness of genetic information technology through digital 
healthcare for the betterment of personalized health and self-medication."

"Forward-thinking technologies like Genesis Healthcare's genetic health 
analysis and a deeper understanding of responsible self-medication are 
essential to finding innovative responses to increasing health costs and the 
rising awareness of health issues in Japan," commented the Rakuten Chairman and 
CEO, Hiroshi "Mickey" Mikitani. "With this investment, we would like to see 
Genesis Healthcare take a leading role in furthering the understanding and 
adoption of genetic health testing in Japan."

Genesis Healthcare plans to use the new funding mainly to promote genetic 
testing and investment into IT and R&D. It will also continue to accelerate its 
marketing programs, as well as strengthening recruiting and training efforts. 
Genesis Healthcare will continue to contribute to improving the quality of life 
through genetic diagnostic technologies. 

About Genesis Healthcare Co.
Co-Founder and President: Dr. Iri Sato Baran
Corporate site: http://genesis-healthcare.jp/en/

Source: Genesis Healthcare Co.