NEW YORK (GenomeWeb News) – Cancer Genetics today announced the public offering of 1.5 million shares of its common stock at $10 per share and the migration of its stock to the Nasdaq Capital Market.
Its stock had been trading on the OTC QB since the company went public in April.
The Rutherford, NJ-based cancer diagnostics firm said that net proceeds will be used to expand its sales and marketing operations; further commercialize products; invest in its joint venture with the Mayo Clinic called OncoSpire; retire mezzanine financing; continue R&D; and fund other general working capital needs
Aegis Capital is the sole book-running manager for the offering, and Feltl and Co., is the co-lead manager.
Cancer Genetics has granted the underwriters a 45-day option to purchase up to 225,000 additional shares of its common stock to cover any overallotments. The offering is expected to close Aug. 19.
The company filed its preliminary prospectus for the offering in June.
Cancer Genetics also said that as of today its stock will trade on the Nasdaq under ticker symbol "CGIX".
Earlier this month, Cancer Genetics reported a 64 percent hike in its second quarter revenues.