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.
Cancer Genetics' stalking horse bid is subject to higher bids from competitors, and the highest bid will require court approval.
The company's stock failed to meet the exchange's $1 minimum bid requirement.
An increase in test order volume was offset by lower reimbursement from both Medicare and third-party payors.
The company borrowed $2 million pursuant to an amendment to a $12 million credit agreement. It also said that it has until June 19 to meet certain listing requirements.
Revenue from the firm's ResponseDX test jumped 16 percent in the fourth quarter of 2014 and 22 percent for the full year.
The company drew a first tranche of $8.5 million from the credit facility in July and has $2 million remaining on the term loan commitment.
The firm was not in compliance with minimum bid price and minimum stockholders' equity requirements to remain listed.
The company has been told by Nasdaq that it falls short of a listing requirement for at least $2.5 million in stockholders' equity.
Customers might want to consider what they might learn about their risk of diseases like Alzheimer's before snagging the genetic testing kits that are on many gift guides this year, NJ.com writes.
The Wall Street Journal reports there is uncertainty surrounding whether He Jiankui's embryo editing did what he said it did.
Stat News reports that the pause on procuring fetal tissue for intramural US National Institutes of Health research will soon affect additional labs there.
In Nature this week: genomic analysis of the invasive fall webworm, amp of constrained coding regions within the human genome, and more.