Shares of diagnostics company Genetics Technologies (NASDAQ:GENE) are soaring higher today after the company announced a registered direct offering of $5 million and plans to launch a major cancer test in women.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The offering includes ~3.85 million American depository Shares (ADSs) at a price of $1.30 apiece. The offer is anticipated to close on or before February 7.
Further, GENE plans to use the proceeds for the commercialization of its GeneType Multi Risk test, driving new market opportunities, and working capital requirements as well as for R&D efforts.
But there’s more, the company will also launch a comprehensive test (the first in the world) that evaluates women’s risk of developing breast or ovarian cancer. The test will also be demonstrated at the BRCA 2023 symposium in May.
Despite today’s price gains, shares of the company are still down about 45% over the past year.
Read full Disclosure
