Genera Biosystems Ltd. said it fell short of the minimum subscriptions required to proceed with its previously announced entitlement offer of ordinary shares.

Under the 4-for-5 non-renounceable entitlements issue, the Australian molecular diagnostics company expected to raise approximately A$11.4 million by issuing 88,049,453 shares.

However, Genera Biosystems said it received applications for a total of 1,869,712 ordinary shares for a total subscription amount of A$243,062.

The company said this represents a shortfall in subscriptions of 86,179,833 shares and it plans to wait until April 30 to meet the minimum subscription level.

In case the minimum threshold is not met, the company will repay all application amounts in full without interest.