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Genetic Technologies

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.

QuantuMDx and Molbio Diagnostics said this week they have signed a memorandum of understanding to work jointly in infectious disease diagnostics.

The planned joint venture with Beijing Zishan Health Consultancy is aimed at bringing Genetic Technologies' genomic tests to the Chinese market.

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