NEW YORK — Australian molecular diagnostics firm Genetic Technologies said on Thursday that it has signed definitive agreements to sell $5.1 million worth of its American Depositary Shares (ADSs) to institutional investors.
Through the direct offering, the Genetic Technologies will sell 1,025,000 ADSs at $5 apiece. Each ADS, the company said, represents 600 of its ordinary shares. The transactions are expected to close on or around July 20.
HC Wainwright is the exclusive placement agent for the offering.
Genetic Technologies said it will use the proceeds of the offering to support the introduction and distribution of its products in the US; for R&D and reimbursement studies around its polygenic risk tests in collaboration with the Translational Genomics Research Institute; for the implementation of its consumer-initiated testing platform; to prepare for COVID-19 Severity Risk Test; and for working capital and potential acquisitions.
On Wednesday, Genetic Technologies' ADSs closed on the Nasdaq at $5.67.