Genetic Technologies

The Australian molecular diagnostics firm had stockholders' equity in excess of $2.5 million as of Aug. 28, in compliance with the Nasdaq listing rule.

The Australian molecular diagnostics firm said it has signed agreements sell 1,025,000 of its American Depository Shares to several institutional investors.

The company plans to use the proceeds for general product R&D, for reimbursement studies in the US, and for preparation for potential COVID-19 testing.

The funds will be used to launch new products in the US, as well as for R&D activities including the development of polygenic risk tests with partner TGen.

The deals are with institutional investors and more than 1 million American Depositary Shares will be offered at A$1.75 per ADS.

The company will not be allowed to submit another plan for meeting the Nasdaq's listing requirements.

The Australian firm will use the proceeds for R&D, expansion in China, and to fund the development of polygenic risk tests with TGen in the US.

The company, which also trades on the Australian Securities Exchange, has 45 days to submit a plan to the Nasdaq as to regaining compliance.

The partners will work together on a US commercialization strategy for Genetic Technologies' line of existing and future polygenic risk tests.

The firm's lab subsidiary Phenogen will provide genotyping to study the impact on women's decisions to undergo prophylactic surgery.