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Cancer Genetics Launches $5M Private Financing

NEW YORK (GenomeWeb) – Cancer Genetics has entered into definitive agreements for a $5 million registered direct offering and will concurrently issue unregistered warrants to the investors.

The Rutherford, NJ-based diagnostics firm will sell 2.5 million shares of common stock to institutional investors. For each share of common stock purchased, investors will receive a warrant to purchase one half-share of common stock. The warrants have an exercise price of $2.25 per share and will be exercisable six months from the date of issuance, expected to be May 25, subject to closing conditions. The warrants expire five years after the initial exercise date.

Cancer Genetics expects to receive net proceeds of $4.5 million, which will be used for general corporate purposes.

As of March 31, the firm had $13.3 million in cash and cash equivalents.

Rodman & Renshaw acted as exclusive placement agent.

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