Genetic Technologies Announces Offering of Approximately USD 1.2 Million of American Depository Shares
May 22 2019 - 3:11PM
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE,
“Company”), a diversified molecular diagnostics company,
today announced that it has entered into a securities purchase
agreement with certain accredited institutional investors, pursuant
to which the investors have agreed to purchase an aggregate of
1,476,143 American Depositary Shares (“ADSs”), each representing
one hundred and fifty (150) of the Company’s ordinary shares, at
a price of $0.80 per ADS. The Company will receive gross
proceeds of approximately USD 1.2 million, before deducting
customary offering expenses. The investors also agreed to
purchase warrants to purchase an aggregate of 1,107,107 ADSs at an
exercise price of $0.80 per share (the “Warrants”). The
warrants will be exercisable immediately following the date of
issuance, will expire on the five year anniversary of the date of
issuance.
The offering is expected to close on or about May 23, 2019,
subject to satisfaction of customary closing conditions.
The gross proceeds from the offering will be used for general
product and research and development, expansion in the People’s
Republic of China and funding the development of polygenic risk
tests with TGen in the United States.
Aegis Capital Corp. is acting as exclusive placement agent for
the offering.
The ADSs and Warrants described above are being offered pursuant
to a shelf registration statement (File No. 333-210965) which
was declared effective by the United States Securities and Exchange
Commission on May 23, 2016. Such ADSs may be offered only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. The Company will file
a prospectus supplement with the SEC relating to such ADSs, and
following such filing, copies of the prospectus supplement and the
accompanying base prospectus relating to this offering may be
obtained at the SEC’s website at http://www.sec.gov, or from Aegis
Capital Corp., 810 Seventh Avenue, New York, New York 10019, or by
calling (212) 813-1010. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any of the securities described herein. There shall not be any
offer, solicitation of an offer to buy, or sale of securities in
any state or jurisdiction in which such an offering, solicitation,
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or
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 and ‘GeneType
for Colorectal Cancer’ are clinically validated risk
assessment tests for non-hereditary breast cancer and are first in
class.
Genetic Technologies is developing a pipeline of
risk assessment products.
For more information, please
visit www.gtglabs.com
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release constitute
“forward-looking statements,” within the meaning of federal
securities laws, including statements related to the Company’s
anticipated use of proceeds and plans and prospects and other
statements containing the words “anticipate,” “intend,” “may,”
“plan,” “predict,” “will,” “would,” “could,” “should,” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of
various factors. Factors that could cause future results to
materially differ from the recent results or those projected in
forward-looking statements include the known risks, uncertainties
and other factors described in the Company’s prior filings and from
time to time in the Company’s subsequent filings with the
Securities and Exchange Commission. Any change in such factors,
risks and uncertainties may cause the actual results, events and
performance to differ materially from those referred to in such
statements. All information in this press release is as of the date
of the release and the Company does not undertake any duty to
update this information, including any forward-looking statements,
unless required by law.
FOR FURTHER
INFORMATION PLEASE CONTACT |
|
|
Dr Paul Kasian |
Mr Paul Viney |
Chairman and CEO |
COO, CFO and Company
Secretary |
Genetic Technologies |
Genetic Technologies |
+61 3 8412 7000 |
+61 438 072 616 |
Investor Relations and Media (Australia)Ms
Karinza PhoenixStocksDigital+61 428 981
074karinza@stocksdigital
Investor Relations and Media (US)Mr Dave
GentryRedChipOffice: 1 800 RED CHIP (733 2447)Cell: US 407 491
4498dave@redchip.com
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