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Cancer Genetics

The company said an increasing number of oncology clinical trials using genomic and immune-based markers will positively impact its business in 2016.

The company said the agreement will make its cancer diagnostics and genomic tests available to more than 2.6 million people.

Total revenues were up 24 percent as revenues from biopharma services increased 35 percent, offsetting a drop in clinical services revenues.

Cancer Genetics will provide oncology testing services to Blue Cross Blue Shield of North Carolina, Blue Cross Blue Shield Nebraska, and WellMark.

The firm is offering 3 million common shares at a price of $4 per share as well as an equal number of warrants at an exercise price of $5.00 per share.

Cancer Genetics said the deal is expected to provide it between $10 million and $12 million in revenues. 

As part of the deal, expected to close on Oct. 9, Cancer Genetics will pay $14 million in cash and stock. 

The deal continues the Cancer Genetics' reimbursement strategy and will provide 7.3 million people in Illinois with access to its cancer diagnostic services.

The firm's biopharma service business posted $2.7 million in revenues, while clinical service revenues grew to $1.3 million in the quarter.


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