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Cancer Genetics

The new name better reflects its business model combining MDx testing with the drug discovery and development services business it acquired from Cancer Genetics.

The firm said it is executing the reverse stock split with the aim of increasing its stock price to satisfy a minimum bid price requirement for continued listing.

The revenues come entirely from CGI's discovery services as its divested biopharma services and clinical lab units were considered discontinued operations.

Fulgent will use its Parkinson's disease NGS panel to target seven genes linked to the condition and generate curated reports for doctors and researchers.

Additionally, Cancer Genetics noted that last week it sold off its clinical laboratory business to siParadigm, a specialty reference laboratory, for about $1 million.

The decrease came as improved performance by its biopharma services operations was more than offset by declines in clinical and discovery services revenues.

The company said the decrease was partially due to the impact on its clinical services business unit from the adoption of new revenues recognition standards.

The firm plans to offer more than 13 million shares of its common stock at $.225 per share. The offering will close on or about Jan. 14.

The company will continue to explore strategic alternatives with financial advisor Raymond James & Associates.

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