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Genetic Technologies to Raise $2M in Direct Offering

NEW YORK – Australian genomic testing firm Genetic Technologies said Friday that it has reached an agreement to offer 1 million American Depositary Shares (ADS) in a registered direct offering.

The issue price for each ADS, representing 30 ordinary shares of the company's stock, will be $2.00.

Concurrent with the direct offering, Genetic Technologies will issue in a private placement unregistered warrants to purchase up to 1 million ADS. Each warrant, which will expire five years after their issuance, is exercisable at $2.00 per ADS.

Gross proceeds from the offering are expected to be $2 million, which will be used to support the US commercialization of the firm's GeneType polygenic and clinical risk factor test through B2B channels, as well as to relaunch a digital sales and marketing strategy and to expand into new markets in Europe and Southeast Asia. Additionally, the proceeds will support the launch of a hereditary breast and ovarian cancer risk test, fund R&D of a comprehensive risk test, and support other working capital and general corporate purposes, the company said.

The offering is expected to close on April 22. H.C. Wainwright is acting as the exclusive placement agent.