NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies announced today that it has begun a review of its business and is considering strategic alternatives including a possible merger or sale of its assets.
The company said that it is "exploring a wide range of strategic alternatives" including a business combination or strategic merger, reverse merger, sale of the company or its assets, in-licensing assets, acquisition, or other transaction designed to maximize near- and long-term shareholder value.
Genetic Technologies said that has hired Roth Capital Partners as its financial advisor in the review process, which does not have a defined timeline. Additional details were not provided.
Genetic Technologies currently sells BrevaGenplus, a second-generation breast cancer risk assessment test for women aged 35 years or older who have not had breast cancer but who have one or more risk factors.
In July, the company reported a 25 percent drop in cash receipts from customers for its fiscal fourth quarter ended June 30. Also last month, Genetic Technologies disclosed that it had received notification from the Nasdaq that its stock faces delisting for failing to meet the exchange's $1 minimum bid price requirement. And earlier in the year, the company changed the pricing and billing structure for its breast cancer risk assessment test due to difficulties gaining adequate payment using a traditional payment model.
During Friday morning trading on the Nasdaq, shares of Genetic Technologies were up 5 percent at $.798.