GTG launches $3.1m share purchase plan

Genetic Technologies (ASX:GTG) has launched a share purchase plan worth up to $3.1 million to help pay for the commercialisation of breast cancer test BREVAGenplus.

The company will offer existing investors the chance to buy up to $7500 worth of shares at $0.0135 apiece, a 10% discount to the last trading price prior to the announcement.

Proceeds from the capital raising will be used to help commercialise and grow the market for its BREVAGenplus test.

Unlike the first generation of the BREVAGen test, BREVAGenplus is compatible with black and Hispanic women as well as Caucasians.

Genetic Technologies is restructuring around its US molecular diagnostics business and recently arranged to sell its Australian genetics business to a Primary Health Care subsidiary for $2 million as part of these efforts.

But the company plans to maintain its ASX listing and has no immediate plans to move its corporate operations overseas as part of the restructuring.

Genetic Technologies (ASX:GTG) shares were trading 6.67% higher at $0.016 as of around 1 pm on Thursday.