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Cancer Genetics prices common stock offering

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According to Market Intelligence, December 2022

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Cancer Genetics prices common stock offering

Cancer Genetics Inc. priced an underwritten public offering of 13,333,334 common shares at 22.5 cents each.

The company expects to raise gross proceeds of about $3 million, which will be used to pay costs related to potential forbearance agreements Cancer Genetics is negotiating with its banks, as well as costs related to its terminated all-stock merger with Jerusalem-based NovellusDx Ltd. Any remaining proceeds will go toward working capital and other general corporate purposes.

Underwriters have a 45-day option to buy 2 million additional common shares at the public offering price.

The offering is expected to close on or about Jan. 14, subject to customary closing conditions.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

Rutherford, N.J.-based Cancer Genetics develops, commercializes and provides molecular and biomarker-based tests and services.