GTG completes $3m share purchase plan

Genetic Technologies (ASX:GTG) has completed a $3 million share purchase plan as part of its capital raising to support further development of its BREVAGen breast cancer risk test.

GTG shareholders subscribed to a total of $1.38 million worth of shares under the plan, which was worth a total of $3 million. Underwriters Lodge Corporate and Cygnet Capital will make up the shortfall of $1.62 million.

Cygnet has meanwhile agreed to purchase an extra $1 million worth of shares at the same issue price as the placement.

If this transaction is approved by shareholders, GTG will have raised a total of $4 million and placed an additional 55.5 million shares.

GTG recently also completed a private placement worth $2.2 million, an additional placement worth $800,000, and issued a convertible note with Ironridge Global worth at least $5 million.

The company had been aiming to raise $10.6 million after costs under the capital raising program - before the additional investment from Cygnet Capital was announced.

GTG plans to mainly use the funds to support BREVAGen development, including expanding US distribution for the genetic test and adding Hispanic and African ethnicities to its addressable US market.

Genetic Technologies (ASX:GTG) shares were trading unchanged at $0.079 as of around 1.30 pm on Friday.