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Genetic Technologies raising $8.1M for cancer risk assessment tests

Genetic Technologies (ASX:GTG) has received commitments to raise $8.1 million from professional and sophisticated investors in the U.S. at $0.0113 per share.

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Genetic Technologies raising $8.1M for cancer risk assessment tests

The company offers predictive testing and assessment tools to proactively manage women’s health.

Genetic Technologies’ lead product, BREVAGenplus, is a clinically validated risk assessment test for non-hereditary breast cancer.

The company is issuing 720 million fully paid ordinary shares directly to U.S. investors, represented by 4.8 million American Depositary Shares (ADS).

Each ADS represents 150 ordinary shares in Genetic Technologies.

The funds raised will be used to support the company's medium-term capital requirements and will facilitate the expansion of its breast cancer risk test, BREVAGenplus.

Earlier this week, Genetic Technologies signed an agreement with The University of Melbourne for the development and commercialisation of a novel colorectal cancer (CRC) risk assessment test.

Excluding skin cancers, CRC is the third most common cancer diagnosed in both men and women in the U.S. Overall, the lifetime risk for developing CRC is about 1 in 20 (5%).

Genetic Technologies had a cash balance of $8.9 million as at 30 September 2016.

Quick facts: Genetic Technologies

Price: 0.0045 AUD

ASX:GTG
Market: ASX
Market Cap: $14.17 m
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