Genetic Technologies Announces Closing of $6.56 Million Registered Direct Offering

MELBOURNE, Australia, Jan. 25, 2021 (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 registered direct offering of 1,250,000 American Depositary Shares (“ADSs”), each representing six hundred (600) of the Company’s ordinary shares, at a purchase price of $5.25 per ADS for gross proceeds of approximately $6.56 million.

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 its new products in the United States and Europe, for general product research and development and reimbursement studies for polygenic risk tests, for implementation of its consumer initiated testing platforms and preparation for its Covid-19 Severity Risk Test, introduction of germline genetic testing division as well as for working capital and potential acquisitions.

The Securities and Exchange Commission declared effective a registration statement on Form F-3 (File No. 333-237152) relating to these securities on March 23, 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.