NEW YORK (GenomeWeb) — Australian molecular diagnostics firm Genetic Technologies announced on Wednesday that it has signed a A$20 million ($14.9 million) equity placement agreement with Melbourne-based investment management firm Kentgrove Capital.
Under the terms of the deal, Kentgrove may make a series of individual equity investments in Genetic Technologies of up to A$1 million each — or more by mutual agreement — over the next 20 months, totaling up to A$20 million.
Genetic Technologies said it would use the proceeds to commercialize its R&D capabilities and IP; introduce an enhanced version of its BrevaGenplus breast cancer risk assessment test and launch a colon cancer test; continue development of a suite of genetic tests for cancer and non-cancer indications; explore the biomedical use of blockchain technology; and for working capital.
Earlier this year, Genetic Technologies disclosed that it was in discussions with blockchain firm Blockchain Global to develop medical and biotechnology applications that combine their respective technologies.
And in June, Genetic Technologies said it formed a joint venture with Swisstec focused on developing a service platform using blockchain technology for medical services and personalized health management.