Skip to main content
Premium Trial:

Request an Annual Quote

Genetic Technologies Offers $1.2M in American Depository Shares

NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies said on Wednesday that it has entered into a securities purchase agreement with certain institutional investors in the US.

Under the agreement, the investors will purchase approximately 1.5 million American Depository Shares (ADS), each representing 150 of the company's ordinary shares, at a price of $.80 per ADS.

The company said it will receive gross proceeds of about $1.2 million before deducting customary offering expenses. The investors also agreed to purchase warrants to buy an aggregate of about 1,1 million ADS at an exercise price of $.80 per share. The warrants will be exercised immediately following the date of issuance and will expire five years thereafter.

Melbourne-based Genetic Technologies said it will use the proceeds for general product development and R&D, expansion in China, and to fund the development of polygenic risk tests with TGen in the US.

The company currently markets the GeneType for Breast Cancer and GeneType for Colorectal Cancer risk assessment tests, which use PCR arrays to genotype a number of cancer susceptibility loci.

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more