Genetic Analysis AS (GEAN) : IPO prior to listing was significantly oversubscribed

OSLO, NORWAY – 15 September 2021: On 13 September 2021, the subscription period in Genetic Analysis AS (“GA” or “the Company”) issue of units (“the IPO”) prior to the planned listing on Spotlight Stock Market (“Spotlight”) ended. The IPO targeted NOK 60 million, of which NOK 48 million were pre-subscribed. Total subscriptions amounted to approximately NOK 99 million, corresponding to a subscription ratio of approximately 165 percent.

An extraordinary general meeting on 20 September 2021 will formally decide on the IPO. The Company will thus receive approximately NOK 60 million before issue costs amounting to approximately NOK 5.4 million. Through the IPO, the Company will receive approximately 1200 new shareholders. The first day of trading in Genetic Analysis on Spotlight Stock Market is expected to be on 1 October 2021.

CEO Ronny Hermansen comments:

“We would like to thank everyone who participated in the IPO, and we are very grateful for the strong interest in GA, as shown in this funding. GA has initiated a growth plan for the coming years, and with the support of the IPO, we will be able to expand the commercialization of the current product portfolio within IBS / IBD in the EU and the US. Based on the competitive advantages that a standardized clinical diagnostic platform will have in the microbiota field, compared to the current research-based tools, and the huge number of potential patients, we assess that the market and the opportunities for Genetic Analysis technology is significant.”