Cancer Genetics

The company said the decrease was partially due to the impact on its clinical services business unit from the adoption of new revenues recognition standards.

The firm plans to offer more than 13 million shares of its common stock at $.225 per share. The offering will close on or about Jan. 14.

The company will continue to explore strategic alternatives with financial advisor Raymond James & Associates.

The drop in CGI's third quarter revenues reflect declines across the company's biopharma, clinical, and discovery services units.

The deal covers Cancer Genetics' microarray-based Tissue of Origin test, which analyzes 2,000 individual tumor genes to help identify a tumor's origin.

The firms are working together to develop precision medicine tools and platform technologies to support the development of oncology therapeutics. 

The probes are for use in Cancer Genetics' FISH-based HPV-Associated Cancer Test, which measures genomic changes to help triage cervical cancer patients.

The deal will join CGI's portfolio of cancer tests and lab services with NovellusDx's technologies for cancer treatment response prediction.