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Genetic Technologies Prices $1.4M Direct Offering

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.

HC Wainwright is acting as the exclusive placement agent for the offering.

Genetic Technologies said it will use the funds to launch new products in the US, as well as for R&D activities including the development of polygenic risk tests in collaboration with the Translational Genomics Research Institute. The company also intends to use the money to implement a consumer-initiated testing platform, to prepare for SARS-CoV-2 testing, and for working capital. 

Genetic Technologies, which closed an A$1.8 million direct offering earlier this month, recently said that it developed a plan to temporarily transition its genetic testing lab to a high-throughput SARS-CoV-2 testing lab if it is required to help Australian government agencies.