NEW YORK (GenomeWeb) – Genetic Technologies said it has raised A$18.6 million (US$14.3 million) after securing commitments from US investors.
The Australian molecular diagnostics firm is offering 499,999,950 shares of its common stock, represented by 3,333,333 American Depositary Shares, with each ADS representing 150 ordinary shares of Genetic Technologies' shares. The firm is selling the securities directly to US investors. Maxim Group is the placement agent for the offering.
Proceeds from the financing will go toward Genetic Technologies' medium-term capital requirements and will support its focus on the US molecular diagnostics space and the commercialization of the BrevaGenplus breast cancer test. Receipt of the funds and issuance of the shares are expected to be completed by the end of the week upon the closing of the raise, the company said.