The drug discovery and preclinical oncology services provider attributed the revenue decline to the impact of the SARS-CoV-2 pandemic on its customers.
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 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 new name better reflects its business model combining MDx testing with the drug discovery and development services business it acquired from Cancer Genetics.