Genetic Technologies Provides Update on Strategic Review Initiative
December 12 2017 - 5:00AM
Genetic Technologies Limited (ASX:GTG)
(NASDAQ:GENE) (“
Company”), a molecular
diagnostics company focused on cancer risk assessment, and provider
of BREVAGenplus®, a first-in-class, clinically validated risk
assessment test for non-hereditary breast cancer, is pleased to
report that it has entered an important stage of the Company’s
strategic review which was announced to the market on 25 August
2017.
At that time, the Company announced the
engagement of Roth Capital Partners, LLC (Roth) a
U.S. based corporate advisory firm to launch a comprehensive
strategic review initiative with a clear mandate to explore a wide
range of possible strategic opportunities for the Company and its
assets - designed to maximise near and long-term value for the
shareholders.
Since their appointment, Roth has conducted a
confidential market out-reach program to identify potential
interested parties. Following what was an intensive and
systematic screening process, a target short list was prepared,
with the shortlisted targets invited to present to the Company's
Chairman and Chief Executive Officer. The presentations took place
in New York during the week commencing 27 November 2017; each party
having expressed significant interest in the Company and its
assets.
The Company remains in active discussions with
multiple parties regarding a potential transaction(s) as those
short listed interested parties now continue their due diligence.
The Board remains committed to the strategic review and will
carefully consider all alternatives and make a decision that
reflects the best interest of all shareholders.
However, as advised to the market, the Company
is in receipt of a Section 249D notification requesting a
shareholder meeting and with proposed resolutions for the removal
of current Board members: Dr. Malcolm R Brandon, Mr. Grahame
Leonard and Mr. Eutillio Buccilli and appointment of nominees by
the requisitioning shareholders. Accordingly there can be no
assurance as to whether or not any transaction arising out of the
Roth strategic review will take place, the structure of any such
potential transaction, or the ultimate timing. In part this
may depend upon the results of the shareholder meeting to be
convened to consider the change in the Company's board
composition.
FOR FURTHER INFORMATION PLEASE CONTACT
Mr. Eutillio BuccilliExecutive Director &
Chief Executive OfficerGenetic Technologies Limited+ 61 3 8412
7050
Jason Wong (USA)Blueprint Life Science Group+ 1
(415) 375 3340, Ext. 4
Eric Cheng (USA)Managing DirectorRoth Capital
Partners+ 1 (646) 358 1901
About Genetic Technologies
LimitedGenetic Technologies is a molecular diagnostics
company that offers cancer predictive testing and assessment tools
to help physicians proactively manage patient health. The Company’s
lead product, BREVAGenplus®, is a clinically validated risk
assessment test for non-hereditary breast cancer and is first in
its class. BREVAGenplus is designed to facilitate better
informed decisions about breast cancer screening and preventive
treatment plans, and is directed towards women aged 35 years or
above, who have not had breast cancer and have one or more risk
factors for developing breast cancer.
The Company markets BREVAGenplus, through its
U.S. subsidiary Phenogen Sciences Inc., to healthcare professionals
in comprehensive breast health care and imaging centres, as well as
to obstetricians/gynaecologists (OBGYNs) and breast cancer risk
assessment specialists (such as breast surgeons). For more
information, please visit www.brevagenplus.com and
www.phenogensciences.com.
Genetic Technologies is developing a pipeline of
risk assessment products including a novel colorectal cancer (CRC)
test. For more information, please visit www.gtgcorporate.com
About Roth Capital PartnersROTH
Capital Partners, LLC (ROTH), is a relationship-driven investment
bank focused on serving emerging growth companies and their
investors. As a full-service investment bank, ROTH provides capital
raising, M&A advisory, analytical research, trading,
market-making services and corporate access. Headquartered in
Newport Beach, California, ROTH is privately-held and employee
owned, and maintains offices throughout the U.S. For more
information on ROTH, please visit www.roth.com.
Safe Harbor StatementAny
statements in this press release that relate to the Company's
expectations are forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act. The Private
Securities Litigation Reform Act of 1995 (PSLRA) implemented
several significant substantive changes affecting certain cases
brought under the federal securities laws, including changes
related to pleading, discovery, liability, class representation and
awards fees. Since this information may involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
Additional risks associated with Genetic Technologies' business can
be found in its periodic filings with the SEC.
Genetic Technologies (NASDAQ:GENE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Genetic Technologies (NASDAQ:GENE)
Historical Stock Chart
From Apr 2023 to Apr 2024