Genetic Technologies Limited (ADR)(NASDAQ:GENE) published the quarterly activities report at the end of September quarter.
According to the report, it has launched a new marketing program in the United States to support October Breast Cancer Awareness Month. The prime objective of this program’s to enhance the awareness of people and at the same time enhance the demand for BREVAGenplus.
Genetic Technologies issued U.S. Patent Nos. 9,051,617 and 9,068,229 related to three core genetic markers in BREVAGenplus risk assessment test of the company.
During the September quarter, it received 344 BREAVAGen/BREVAGenplus samples as compares to the 425 samples received in the previous quarter. Total cash receipts during the quarter were AUD 0.4m. It comprised of the revenue generated from the Australian heritage business, which was divested on November 19, 2014.
A few months back, Genetic Technologies announced that it had entered into a Standby Equity Placement Facility Agreement worth $24 million with the Kentgrove Capital Growth Fund. It’s an investment fund that’s managed by Melbourne-based investment & advisory firm named Kentgrove Capital Private Limited. This amount is expected to strengthen the financial position of the company.
Under this agreement, Kentgrove may look forward to providing a capital funding of up to $24 million to Genetic Technologies via private placement over a period of 24 months. Whatever proceeds the company manage to generate, will be used to execute the BREVAGenplus test and other working capital needs successfully.
Under the terms of this agreement, Genetic Technologies can determine whether it wants to opt for subscription from Kentgrove Capital or not. Apart from this, it can also increase or reduce the time duration of the private placement, maximum and minimum placement amount and the issue price. Reports claim that for every placement that’s made via this facility, 5% discount to VWAP over the placement period will be applicable.
Further details about its upcoming decisions and announcements will be made public at a later date.