GTG completes Australian genetics sale
Genetic Technologies (ASX:GTG) has completed the sale of its Australian genetics business to Specialist Diagnostics Services for $2 million.
The sale to Primary Health Care’s pathology subsidiary forms part of Genetic Technologies’ strategy of divesting its non-core assets to focus on the US molecular diagnostics market and commercialisation of flagship breast cancer risk assessment tool BREVAGenplus.
“The divestiture of the Australian genetics business represents another material milestone in our transformation to becoming a streamlined and focused molecular diagnostics company,” Genetic Technologies CEO Alison Mew said.
“Implementation of the restructure plans continue and are on track for completion over the next quarter.”
Genetic Technologies separately revealed it has received notice that its NASDAQ Capital Market listing does not comply with the minimum required $2.5 million in shareholder equity.
The company has been given 45 days to submit its plan to regain compliance and, if accepted, will have 180 days to prove that it is now meeting the requirements.
Novogen received a similar notice from the exchange last week and has announced it intends to submit a plan to regain compliance.
Genetic Technologies (ASX:GTG) shares were trading 6.667% lower at $0.014 as of around 2 pm on Wednesday.
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