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Cancer Genetics

Additionally, Cancer Genetics noted that last week it sold off its clinical laboratory business to siParadigm, a specialty reference laboratory, for about $1 million.

The decrease came as improved performance by its biopharma services operations was more than offset by declines in clinical and discovery services revenues.

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. 

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