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.