RUTHERFORD, N.J., Nov. 12, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX), an emerging leader in DNA-based cancer diagnostics, offering bench to the bedside solutions, today confirmed the closing of its previously announced public offering of 3,000,000 shares of its common stock with five-year warrants to purchase 3,000,000 shares of common stock at an exercise price of $5.00 per share at a combined price to the public of $4.00. Cancer Genetics’ gross proceeds from this offering were $12.0 million before deducting underwriting discounts and commissions, as well as other estimated offering expenses payable by Cancer Genetics. The underwriters were granted a 45-day option to purchase up to an aggregate of 450,000 additional shares of common stock and/or warrants. The underwriters’ option to purchase additional warrants was exercised and sold today.
Joseph Gunnar & Co., LLC and Feltl and Company, Inc. acted as the joint book-running managers for the offering. Axiom Capital Management, Inc. acted as co-manager for the offering.
The net proceeds of the offering are estimated to be approximately $10.5 million, after deducting underwriting discounts and commissions and estimated offering expenses. Cancer Genetics intends to use the net proceeds from the offering for the integration of recent acquisitions; sales and marketing to support new product launches; and to fund contributions to OncoSpire, Cancer Genetics’ joint venture with the Mayo Clinic.
A final prospectus relating to this offering has been filed with the SEC, and may be obtained at the SEC's website at www.sec.gov, or may be obtained from Joseph Gunnar & Co, LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: prospectus@jgunnar.com or from Feltl and Company, Inc., Prospectus Department, 2100 LaSalle Plaza, 800 LaSalle Avenue, Minneapolis, MN 55402, telephone 612-492-8800, email: prospectus@feltl.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Cancer Genetics, Inc.
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers. We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State.
We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
For more information, please visit or follow us:
Internet: www.cancergenetics.com
Twitter: @Cancer Genetics
Facebook: www.facebook.com/CancerGenetics
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This announcement contains "forward-looking statements," including statements relating to the public offering. These statements are subject to significant risks and uncertainties, actual results could differ materially from those projected and Cancer Genetics cautions stockholders not to place undue reliance on the forward-looking statements contained in this report. These risks and uncertainties include, without limitation, any statements regarding its anticipated use of net proceeds from the offering. Risks and uncertainties exist related to Cancer Genetics and its business due to a number of factors, including the statements under "Risk Factors" contained in the Company's reports filed with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Cancer Genetics undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events or changes in Cancer Genetics’ expectations.