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

The company raised gross proceeds of $3 million.

Net proceeds will be used to pay costs related to potential forbearance agreements Cancer Genetics is negotiating with its banks, as well as costs related to on-going strategic initiatives. Remaining funds, if any, will go toward working capital and other general corporate purposes.

Underwriters were granted a 45-day option to buy 2 million additional shares, also at 22.5 cents each.

H.C. Wainwright & Co. acted 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.