Genetic Technologies (AU:GTG) has released an update.
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Genetic Technologies Limited has reported a slight increase in its annual loss, reaching $12.017 million due to challenges such as regulatory changes and the loss of product rights, despite a reduction in R&D expenses as they near the commercialisation of their geneType technology. The company is shifting to a capital-light model, aiming to reduce operating costs and focus on sales growth of its core businesses, EasyDNA and geneType, funded by a recent $800,000 secured loan and an Entitlement Offer. They are also streamlining operations by outsourcing high-throughput lab testing and focusing on U.S. market expansion with an established network of channel partners.
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