Genetic Technologies Announces Pricing of $8.0 Million Public Offering
May 26 2020 - 9:22AM
Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the
“Company”), a leader in the development of genetic risk assessment
tests, today announced that it has priced a public offering
of 4,000,000 American Depositary Shares (“ADSs”) (or ADS
equivalents), each representing six hundred (600) of the Company’s
ordinary shares, at an effective purchase price of $2.00 per
ADS (or ADS equivalent). The closing of the offering is expected to
occur on or about May 28, 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 from this offering are
expected to be $8.0 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 our new products in
the United States, for general product research and development,
including the development of polygenic risk tests, and
reimbursement studies with TGen in the United States, for
implementation of our consumer initiated testing platform,
preparation for potential COVID-19 testing and COVID-19 risk test
for developing serious disease from contracting COVID-19 and for
working capital and new equipment purchases.
A registration statement on Form F-1 (File No.
333-235542) relating to the public offering of the securities
described above was filed with the Securities and Exchange
Commission (“SEC”) on December 17, 2019 and was declared effective
on May 26, 2020. The offering is being made only by means of a
prospectus forming part of the effective registration statement.
Copies of the preliminary prospectus and, when available, copies of
the final prospectus, relating to the offering may be obtained for
free by visiting the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to the offering
may be obtained, when available, by contacting H.C. Wainwright
& Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by
calling (646) 975-6996 or by emailing 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
including a COVID-19 risk test for the risk of developing serious
disease if a person were to contract COVID-19.
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 public
offering, the expected gross proceeds and the expected closing of
the public 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.
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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