Skip to main content
Premium Trial:

Request an Annual Quote

Cancer Genetics to Raise $10M in Private Placement

NEW YORK – Cancer Genetics said on Thursday after the close of the market that it has signed securities purchase agreements with unnamed institutional and accredited investors to raise about $10 million through the issuance of stock and warrants.

In the private placement, Rutherford, New Jersey-based Cancer Genetics will sell 2,758,624 shares of its common stock as well as warrants to purchase an additional 2,758,624 shares.

Each share of common stock and accompanying warrant are being sold at a combined offering price of $3.625. The warrants have an exercise price of $3.50 per share, are immediately excisable, and have a term of 5.5 years.

H.C. Wainwright is acting as the exclusive placement agent for the offering.

Cancer Genetics said it expects the transaction to close around Feb. 1.

The company plans to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures. The firm expects to have access to the proceeds following the completion of its merger with StemoniX, which is subject to stockholder approval.

In early-morning trading on the Nasdaq, Cancer Genetics' stock was down 16 percent at $4.01.

The Scan

And a Fourth?

A fourth dose of the Pfizer-BioNTech SARS-CoV-2 vaccine in an Israeli study increased antibody levels but did not prevent Omicron variant infections, according to the Financial Times.

For Better Science Software

A virtual institute funded by former Google CEO Eric Schmidt's philanthropy aims to lure software engineers to academia, Science reports.

Recommendation Explanations

The New York Times writes that the US Centers for Disease Control and Prevention is straining to both make and explain decisions based on limited information.

Genome Research Papers on De Novo Mutation Rates, Polyploid Genotyping, Oncogene Epigenomic Translocation

In Genome Research this week: de novo mutations rates in hemoglobin subunits, analysis of variant calling methods for polyploid plants, and more.