Cancer Genetics

Maple Grove, Minnesota-based Stemonix will merge in an all-equity transaction with a newly formed subsidiary of Cancer Genetics, which expects to remain listed on the Nasdaq.

For the three-month period ended June 30, Cancer Genetics posted total revenues of $1.4 million compared to $1.5 million in the year-ago quarter.

For the three months ended March 31, Rutherford, New Jersey-based Cancer Genetics posted revenues of $1.4 million versus $1.8 million in Q1 2019. 

For the three months ended Dec. 31, 2019, the firm reported total revenues from continuing operations of $1.9 million compared to $1.7 million in Q4 2018.

The company's revenues were generated entirely by its discovery services operations, which includes contract research for cancer drug development.

The new name better reflects its business model combining MDx testing with the drug discovery and development services business it acquired from Cancer Genetics.

Cancer Genetics announced its planned merger with NovellusDx in September 2018, but scuttled the deal with the Israeli company a few months later.

The firm said it is executing the reverse stock split with the aim of increasing its stock price to satisfy a minimum bid price requirement for continued listing.

The revenues come entirely from CGI's discovery services as its divested biopharma services and clinical lab units were considered discontinued operations.

Fulgent will use its Parkinson's disease NGS panel to target seven genes linked to the condition and generate curated reports for doctors and researchers.