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Cancer Genetics Targets $3M in Public Offering

NEW YORK (GenomeWeb) – Cancer Genetics today priced its public offering of more than 13 million shares of its common stock at $.225 per share.

The company expects gross proceeds $3 million from the offering, which includes a 45-day option to its underwriter to purchase up to an additional 2 million shares of common stock at $.225 per share. The offering is expected to close on or about Jan. 14.

HC Wainwright is the sole book-running manager for the offering.

The Rutherford, New Jersey-based firm said that proceeds will go toward paying lender fees and other costs associated with the potential forebearance agreements it is negotiating with banks, and to pay certain costs incurred by the termination of its deal to buy NovellusDx.

Any remaining funds will be used for working capital and general corporate purposes.

In November Cancer Genetics reported that its third quarter revenues were down 26 percent year over year and that it had $1.2 million in cash and cash equivalents.

The company's stock were down 33 percent at $.23 per share on the Nasdaq in early morning trading on Thursday.