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Cancer Genetics Prices $7M Direct Offering

NEW YORK (GenomeWeb) – Cancer Genetics announced today that it has priced a registered direct offering of 3.5 million equity units at $2 apiece, giving the transaction a $7 million value.

Each unit consists of one share of Cancer Genetics' common stock and one warrant to buy an additional share at an exercise price of $2.35. The warrants are exercisable six months after the date of issuance, and expire 18 months after issuance.

H.C. Wainwright is the exclusive placement agent for the offering, which is expected to close around Dec. 12.

During early morning trading on the Nasdaq, shares of CGI dropped 13.5 percent to $2.03. The company finished the third quarter with $4.8 million in cash and cash equivalents.