Genetic Technologies (ASX:GTG) has announced that it has entered into definitive agreements with several institutional investors for the purchase and sale of American Depositary Shares to raise approximately US$5 million.
Each of 3,846,155 American Depositary Shares represents six hundred (600) ordinary shares of the company.
The company is developing genomics-based tests in health, wellness and serious diseases.
It said it intends to use the net proceeds from this offering to support the commercialisation of the GeneType Multi Risk test in the US and expand into Europe.
It will also use it to develop new market opportunities in reimbursable categories, fund product research and development, increase its sales and marketing presence, and execute the commercialisation of the 'World First' Comprehensive Hereditary Breast and Ovarian Cancer Risk Test.