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Cancer Genetics Expects to Raise $12M in Public Offering of Stock

NEW YORK (GenomeWeb) – Cancer Genetics has priced a public offering of 3 million shares of its common stock at $4 per share, the company said today.

The firm is also offering five-year warrants to purchase 3 million shares of common stock at an exercise price of $5 per share. Cancer Genetics has granted the underwriters a 45-day option to purchase up to 450,000 additional shares of common stock and/or warrants.

In a document filed with the US Securities and Exchange Commission today, the Rutherford, New Jersey-based molecular diagnostics firm said it expects gross proceeds of $12 million and net proceeds of $10.5 million after expenses from the offering.

Joseph Gunnar & Co. and Feltl and Company are joint book runners for the offering while Axiom Capital Management is co-manager.

The offering is expected to close on or around Nov. 12.

Shares of Cancer Genetics were down 15 percent this morning on the Nasdaq at $3.90.

Last month, Cancer Genetics bought the assets of Response Genetics — which had filed for Chapter 11 bankruptcy — for $14 million.