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Genetic Technologies Inks Deals to Raise A$1.8M

NEW YORK – Australian genetic testing firm Genetic Technologies said on Wednesday it has entered into definitive agreements with unnamed institutional investors for the purchase of more than 1 million American Depositary Shares at A$1.75 ($1.07) per ADS in a registered direct offering.

Each ADS represents 600 of the firm's ordinary shares, and gross proceeds from the offering, expected to close on or about April 3, is estimated at A$1.8 million ($1.1 million).

Proceeds will go toward the introduction and distribution of new products in the US, including the development of polygenic risk tests with the Translational Genomics Research Institute, and for working capital, Genetic Technologies said.

HC Wainwright is the exclusive placement agent for the offering.