$Genetic(GENE)$ There are a few headlines to consider in the stock market today. First, Genetic Technologies announced an upcoming launch of a risk test for breast and ovarian cancers. The new test platform addresses women over 30 years of age in the general population at higher risk of developing breast and/or ovarian cancer, not just from rare genetic mutations. It will be launched to its Business to Business and Consumer Initiated Testing channels in the US, with the test being showcased at the BRCA 2023 Symposium in May.
In tandem with the news, GENE stock also announced a new round of funding via a $5 million registered direct offering. Of course, shares pulled back from the premarket highs following its risk test news.
But remain higher than the previous closing price as the purchase price of the shares that are part of the offering is still higher by a wide margin. Funds will go toward numerous initiatives, including supporting the commercialization of its GeneType Multi Risk test and funding research and development, among other earmarks.
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