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Cancer Genetics

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.

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.

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