Genetic Technologies Announces $1.8 Million Registered Direct Offering
April 01 2020 - 12:45PM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”), a leader in the development of genetic risk assessment
tests, today announced that it has entered into definitive
agreements with several institutional investors for the purchase
and sale in a registered direct offering of 1,028,574 American
Depositary Shares (“ADSs”), each representing six hundred (600) of
the Company’s ordinary shares, at a purchase price of $1.75
per ADS. The closing of the offering is expected to occur on or
about April 3, 2020, subject to the satisfaction of customary
closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company from this
offering are expected to be approximately $1.8 million, before
deducting the placement agent’s fees and other offering expenses
payable by the Company. 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 for working capital.
The securities described above are being offered
by the Company pursuant to a “shelf” registration statement on Form
F-3 (File No. 333-237152) previously filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 13, 2020 and declared
effective by the SEC on March 23, 2020. The offering of the
securities will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus relating to the securities being offered will be filed
with the SEC. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained, when
available, 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 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 offering, the expected gross
proceeds and the expected closing of the offering. 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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