Genetic Technologies Announces Closing of $8.0 Million Public Offering

MELBOURNE, Australia, May 28, 2020 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX: GTG; NASDAQ: GENE) (the “Company”), a leader in the development of genetic risk assessment tests, today announced the closing of its previously announced public offering of 3,500,000 American Depositary Shares (“ADSs”), each representing six hundred (600) of the Company’s ordinary shares, at an effective purchase price of $2.00 per ADS, and 500,000 pre-funded warrants, at an effective purchase price of $1.9999 per pre-funded warrant, for aggregate gross proceeds of approximately $8.0 million. Each pre-funded warrant sold in this offering is exercisable into one ADS at an exercise price of $0.0001 per ADS.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

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, COVID-19 risk test for developing serious disease from contracting COVID-19, for working capital and new equipment purchases.

The Securities and Exchange Commission declared effective a registration statement on Form F-1 (File No. 333-235542) relating to these securities on May 26, 2020. A final prospectus relating to this offering has been filed with the Securities and Exchange Commission. The offering was made only by means of a prospectus. Electronic copies of the final prospectus relating to the offering may be obtained 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 [phone] or e-mail at [e-mail].

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.