Genetic Technologies Announces $1.44 Million Registered Direct Offering
April 20 2020 - 8:00AM
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 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. The closing of the offering is expected to occur on or
about April 22, 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 $1.44 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 preparation for Covid-19 testing as
well as 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 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 Statements
This 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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