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Molecular diagnostics company Genera Biosystems (ASX:GBI) has been unable to get anywhere near the $11.3m it was hoping to raise from its recent entitlement offer.
The company told investors late Monday that it had only raised $243,062 – just 2 per cent of the total amount.
It didn’t even meet its minimum subscription target. Genera extended the entitlement offer three times before finally closing it.
Genera’s cash supply is getting low — it had just $53,000 in the bank and $5.1m in full drawn convertible notes and loans at the end of last year.
The company said its share register will keep hold of the current applications for the moment, just in case it can raise the minimum subscription amount by no later than the end of April.
If not, investors will get their cash back.
Stockhead is seeking further comment.