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Genetic Technologies Raises A$258K

NEW YORK (GenomeWeb) – Genetic Technologies said today that its share purchase plan raised A$257,500 (US$211,000). 

The purchase plan closed on Dec. 22 and the company received applications for about 19 million shares. The new shares were issued today, Genetic Technologies said. Proceeds will be used to expand the commercialization of its BrevaGenplus breast cancer test and for general working capital. 

The Melbourne, Australia-based firm is in the midst of a restructuring effort that includes the divestiture of non-core assets in order to focus on its US molecular diagnostics business and the commercialization of the BrevaGenplus test. Last month, Genetic Technologies sold its heritage Australian Genetics business for A$2 million as part of that plan.