RUTHERFORD, N.J., Nov. 19, 2015 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) (“CGI” or “the Company”), an emerging leader in DNA-based cancer diagnostics, announced today that it has received preliminary approval for a $1.2 million gross tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2015. After expenses and fees, the company expects to receive approximately $1.1 million in net cash as a result of the tax credit transfer.
“As part of New Jersey's growing biotech community, we appreciate NJEDA's support and recognition,” stated Panna Sharma, CEO of Cancer Genetics, Inc. “The additional non-dilutive funding our company will receive will be used to further support our expansion and for the development of our company's innovative technology and tests, which promise to change the cancer care landscape.”
This competitive program, developed by the New Jersey Economic Development Authority (EDA) in 1999, provides funds each year to eligible New Jersey-based technology and biotechnology companies to support job creation and innovation. This year, 41 companies have been approved to share a total of $47.4 million through the state's NOL program. NOL enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations in a non-dilutive manner.
About Cancer Genetics
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics. Our tests target difficult to diagnose hematological, urogenital and HPV-associated cancers. They are designed to guide the prognosis and treatment of these cancers with the goal of improving outcomes for patients. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals and biopharmaceutical companies. Our state-of-the-art reference labs are CLIA certified and CAP accredited in the US and have licensure from several states including New York State.
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Forward Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that anticipated benefits from acquisitions will not be realized, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Cancer Genetics, Inc. Forms 10-K for the year ended December 31, 2014 and 10-Q for the quarter ended September 30, 2015 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.