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Cancer Genetics Increases Proposed Offering of Stock to $50M

NEW YORK (GenomeWeb News) – Cancer Genetics today increased the proposed amount it is seeking to raise from a public offering of its common stock.

In an amended Form S-1, the Rutherford, NJ-based cancer diagnostics firm said that it plans to offer $50 million of its common shares. When the company announced the offering earlier this month, it said that the proposed maximum aggregate offering price would be $46 million.

The company has not said how many shares it plans to offer.

Aegis Capital is the sole book-running manager, and Feltl & Co., Cantor Fitzgerald, and Dougherty & Co., are co-managers on the offering. Cancer Genetics is granting the underwriters a 45-day option to purchase up to $7.5 million of additional shares of its common stock to cover any overallotments, which could potentially bring the total amount raised to $57.5 million.

It said that net proceeds from the offering are expected to be about $45.9 million, or $52.9 million if the underwriters exercise their overallotment option in full.

Cancer Genetics made a public offering of $15 million of its shares in August, when it also began trading on the Nasdaq. The company went public in April.

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