Genetic Technologies Announces Closing of $1.44 Million Registered Direct Offering
April 23 2020 - 8:00AM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”), a leader in the development of genetic risk assessment
tests, today announced the closing of its previously announced
registered direct offering of 722,502 American Depositary Shares
(“ADSs”), each representing six hundred (600) of the Company’s
ordinary shares, at a purchase price of $2.00 per ADS for
gross proceeds of approximately $1.44 million.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The Company intends to use the net proceeds from this offering
to support the introduction and distribution of its new products in
the United States, for general product research and development,
including the development of polygenic risk tests with TGen in the
United States, for implementation of its consumer initiated testing
platform and preparation for Covid-19 testing as well as for
working capital.
The Securities and Exchange Commission declared effective a
registration statement on Form F-3 (File No. 333-237152) relating
to these securities on March 23, 2020. A final prospectus relating
to this offering has been filed with the Securities and Exchange
Commission. The offering was made only by means of a prospectus.
Electronic copies of the final prospectus relating to the offering
may be obtained on the SEC’s website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a
diversified molecular diagnostics company. GTG offers cancer
predictive testing and assessment tools to help physicians
proactively manage patient health. The Company’s lead products
GeneType for Breast Cancer for non-hereditary breast cancer and
GeneType for Colorectal Cancer are clinically validated risk
assessment tests and are first in class.
Genetic Technologies has capacity for Covid-19 testing and is
developing a pipeline of risk assessment products.
For more information, please visit www.gtglabs.com.
Forward-Looking StatementsThis press release
may contain forward-looking statements about the Company’s
expectations, beliefs or intentions regarding, among other things,
statements regarding the expected use of proceeds. In addition,
from time to time, the Company or its representatives have made or
may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of
forward-looking words such as “believe,” “expect,” “intend,”
“plan,” “may,” “should” or “anticipate” or their negatives or other
variations of these words or other comparable words or by the fact
that these statements do not relate strictly to historical or
current matters. These forward-looking statements may be included
in, but are not limited to, various filings made by the Company
with the U.S. Securities and Exchange Commission, press releases or
oral statements made by or with the approval of one of the
Company’s authorized executive officers. Forward-looking statements
relate to anticipated or expected events, activities, trends or
results as of the date they are made. Because forward-looking
statements relate to matters that have not yet occurred, these
statements are inherently subject to risks and uncertainties that
could cause the Company’s actual results to differ materially from
any future results expressed or implied by the forward-looking
statements. Many factors could cause the Company’s actual
activities or results to differ materially from the activities and
results anticipated in such forward-looking statements as detailed
in the Company’s filings with the Securities and Exchange
Commission and in its periodic filings in Australia and the risks
and risk factors included therein. In addition, the Company
operates in an industry sector where securities values are highly
volatile and may be influenced by economic and other factors beyond
its control. The Company does not undertake any obligation to
publicly update these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Investor Relations and Media (US) Dave Gentry, CEO RedChip
Companies Office: 1 800 RED CHIP (733 2447) Cell: US 407 491 4498
dave@redchip.com
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