GENE - Amid stock surging ~70% on plans for cancer risk test Genetic goes for $5M direct stock offering

• Genetic Technologies ( NASDAQ: GENE ) is planning a registered direct offering to raise about $5M in gross proceeds.
• The company is offering ~3.84M American Depositary Shares (ADSs), each representing 600 ordinary shares, at $1.30 per ADS, to several institutional investors.
• Earlier today, the Australian company announced plans to launch a risk assessment test evaluating women's risk of developing breast and/or ovarian cancer which has sent the stock soaring ~70% .
• Genetic plans to use the net proceeds to support the commercialization of a GeneType Multi Risk test; to execute the sales and marketing launch of the breast and ovarian cancer risk test; to drive new market opportunities in reimbursable categories by using its relationship with QIAGEN; for research and development; and working capital and general corporate purposes.
• The offering is expected to closed around Feb. 7.

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