- 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.
For further details see:
Amid stock surging ~70% on plans for cancer risk test, Genetic goes for $5M direct stock offering