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Cancer Genetics nixes all-stock merger with Israel's NovellusDx

Rutherford, N.J.-based Cancer Genetics Inc. terminated its all-stock merger with Israel-based privately held gene testing company NovellusDx Ltd.

Cancer Genetics CEO John Roberts said the company terminated the transaction due to "difficulties in advancing the merger process" as well as other factors.

The company previously planned to pay NovellusDx shareholders about 49% of its equity on a fully diluted basis. Both companies provide data on cancer-related genetic mutations that help doctors to prescribe drugs to patients.

Cancer Genetics plans to look at alternative strategic and financial deals as a result of the deal termination.

Cancer Genetics will again work with Raymond James & Associates Inc. — which acted as exclusive financial adviser to Cancer Genetics regarding the terminated merger — in exploring its options, which may include additional capital raising deals, acquisitions of other companies or assets or a potential merger or sale of the company.