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This story has been updated to correct an error in the dollar figures provided.

NEW YORK — Genetic Technologies said on Monday that it has signed definitive agreements to sell 722,502 of its American Depositary Shares (ADSs) at $2 each to certain undisclosed institutional investors in a registered direct offering.

Each ADS represents 600 of the Australian molecular diagnostic firm's ordinary shares. Gross proceeds of the offering, which is set to close Wednesday, are expected to be roughly $1.4 million.

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Reuters reports that Germany is seeking to sequence 5 percent of patient samples that test positive for SARS-CoV-2.

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