Genetic Analysis AS

Supplying high quality diagnostics to the microbiome market

The human microbiome has been referred to as a “newly discovered organ”, and in recent years research has emphasized the interplay between gut health and the immune system and essential function for human well-being. Several diseases have been linked to changes in the composition and function of the gut microbiome, ranging from gastrointestinal disorders to neurological and autoimmune diseases.

Genetic Analysis has spent several years within research in the microbiome field and has developed the patented GA-map^® platform that includes advanced algorithms that immediately compare the patient’s microbiome results with a healthy reference population.

The Company’s patented technology, with more than 50 peer-reviewed publications and inclusion in 70 clinical trials underlines the solid documentation of the GA-map^®. Based on the competitive advantages that such a well-documented and standardized diagnostic platform will have in the microbiota field, compared to the current research-based tools, and the large number of potential patients, the Company’s Board of Directors and management believe that the market and growth opportunities for Genetic Analysis technology are significant.

The Company currently provides and sells three GA-map^® products, one targeting the area of IBS/IBD, one for detection of COVID-19 in the gut, and one product targeted for research and exploratory work.

Genetic Analysis’ ambition is also to develop further diagnostic products within the strategic important indication IBD. The Company intends to develop a new diagnostic test that can predict the severity of the disease and thereby facilitate the choice of treatment. Future ambitions are to also develop gut microbiota tests for type 2 diabetes and colorectal cancer.

Background and motive of the offer

On November 2, 2023, the Company announced a directed share issue, subject to approval by an extraordinary general meeting. On November 20, 2023, the extraordinary general meeting resolved to carry out the directed issue of shares to a group of existing shareholders, including the Company’s main shareholder Bio-Rad Laboratories Inc, and to members of the Company’s board of directors and management. The directed share issue comprised 13,283,007 new shares at a subscription price of NOK 0.79 per share. The Company thus received approximately NOK 10.5 million before transaction related costs. The net proceeds from the directed share issue will be used to finance the Company’s continued expansion and growth plan.

To reduce the dilution effect from the directed share issue and to raise additional financing for the Company’s continued expansion and growth plan, the Company is carrying out the offer.

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