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Cancer Genetics starts offering to cover termination costs of NovellusDx deal

Cancer Genetics Inc. started an underwritten public offering of its common shares to pay certain costs incurred in connection with the termination of a merger with Israel-based privately held gene testing company Novellusdx Ltd.

Rutherford, N.J.-based Cancer Genetics had terminated the transaction in December 2018 due to "difficulties in advancing the merger process" as well as other factors.

Cancer Genetics also plans to use the net proceeds from the offering to pay lender fees and other costs incurred in connection with the potential forbearance agreements it is negotiating with banks, and if any proceeds remain available, to fund working capital and other general corporate purposes.

The company has granted the underwriter an overallotment option to purchase additional common shares.

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

Cancer Genetics, which develops, commercializes and provides molecular and biomarker-based tests and services, did not disclose the size, terms and closing date of the offering.