Genetic Technologies (ASX: GTG) has raised $1,388,000 from its share purchase plan and will place the shortfall of $1,612,000 with the underwriters Lodge Corporate and Cygnet Capital.
In addition, Cygnet has committed to subscribe for further shares priced at $0.072 each to raise a further $1 million, bringing the Total raising up to $4 million.
These funds will add to the $3 million it had raised from a recent private placement and funding of $5 million via redeemable convertible notes from institutional investor Ironridge Global to expand the U.S. distribution of the company’s lead breast diagnostic cancer test BREVAGen™ - as well as for business development of BREVAGen™.
BREVAGen™, is gaining traction with a further record number of test samples received during the September 2013 quarter.
Total patient samples received during the quarter was 914, representing growth of more than 52% over the preceding June quarter. The test usage has now gained in the past five quarters
The BREVAGen™ breast cancer risk stratification test is a novel genetic test panel that examines a patient's DNA to detect the absence or presence of certain common genetic variations associated with an increased risk for developing breast cancer.
This helps physicians assess aggregate breast cancer risk.
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