NEW YORK – Genetic Technologies said on Tuesday that it has priced a public offering of 4 million American Depositary Shares (ADSs) at an effective purchase price of $2 per ADS.
Each ADS represents 600 of the Australian molecular diagnostic firm's ordinary shares. Gross proceeds of the offering, which is set to close on May 28, are expected to be roughly $8 million.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Genetic Technologies said it intends to use the net proceeds to support the introduction and distribution of its new products in the US; for general product R&D, including for the development of polygenic risk tests and reimbursement studies in collaboration with the Translational Genomics Research Institute in the US; for the implementation of its consumer-initiated testing platform; to prepare for SARS-CoV-2 testing; and for working capital and new equipment purchases.
The company priced a $1.4 million public offering of 722,502 ADSs in April.