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Cancer Genetics

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.

Cancer Genetics' stalking horse bid is subject to higher bids from competitors, and the highest bid will require court approval.

The company also said that its cash burn rate for Q2 is estimated to be about $4.8 million, or $1.3 million more than its average cash burn. 

The deal makes Cancer Genetics' diagnostic testing services available to more than one million people in Harvard Pilgrim's provider network.

The partners will provide complex oncology genomic testing, core central laboratory analysis, project and data management, and sample logistics.

The company's stock failed to meet the exchange's $1 minimum bid requirement.

Over the next two years, Cancer Genetics' genomic laboratory in Hyderabad, India, expects to analyze several thousand samples provided by ReproCell.

An increase in test order volume was offset by lower reimbursement from both Medicare and third-party payors.

Revenue from SelectOne clinical trials services and acquisitions drove the year over year growth.

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