Genetic Technologies Ltd. said it is in active discussions with multiple parties regarding a potential transaction following a three-month strategic review.
Following presentations made the week of Nov. 27, the short-listed parties are conducting their due diligence, Genetic Technologies said.
The Australian molecular diagnostics company said in August that it had tapped Roth Capital Partners LLC to conduct the review of strategic alternatives, including a merger, reverse merger, sale of the company or its assets, in-licensing assets, an acquisition, or other transactions that would maximize shareholder value.
Genetic Technologies noted that any potential transaction may depend on the outcome of the proposed resolution by activist shareholders to remove nonexecutive Chairman Malcolm Brandon, CEO Eutillio Buccilli and Grahame Leonard from the board and replace them with the shareholders' nominees.
