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Genetic Technologies to raise US$1.2M to fund research, China expansion

Genetic Technologies Ltd. plans to raise about US$1.2 million from an offering of American depositary shares to certain institutional investors.

The Australian molecular diagnostics company will sell 1,476,143 ADSs at 80 cents apiece.

Each ADS in the offering represents 150 ordinary shares of the drugmaker.

Investors also agreed to buy five-year warrants to purchase 1,107,107 ADSs. Warrants have an exercise price of 80 cents per ADS.

Gross proceeds from the offering will be used for general product and research and development, expansion in China and funding the development of polygenic risk tests, or genetic risk tests, with TGen in the U.S.

Genetic Technologies, which is developing a pipeline of risk assessment products, expects to close the offering on or about May 23.

Aegis Capital Corp. is the exclusive placement agent for the offering.