GENE - Genetic acquires AffinityDNA to bolster direct-to-consumer business

• Genetic Technologies ( NASDAQ: GENE ) completed the acquisition of the direct-to-consumer eCommerce business and distribution rights linked with AffinityDNA.
• Under the deal, which was announced in May, GENE acquired all AffinityDNA's assets (including websites, brand identities, laboratory testing and distribution agreements) for £555K in cash; 50% payment on completion and remaining 50% one year from the completion date.
• The three brands, geneType, EasyDNA and AffinityDNA would now provide revenues to GENE with the portfolio of testing available for individuals and animals including non-invasive prenatal testing, carrier screen testing, Monogenic diseases and pet care, the company said in a July 14 press release.
• GENE added that the acquisition expands its portfolio of tests to 51 tests in 14 categories across more than 40 countries.
• GENE noted that it has started onboarding the existing team, retaining the expertise of AffinityDNA's employees based in the U.K., including key management in a consulting role.
• GENE added that no changes will be made to its board and key management.

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