Response Genetics | GenomeWeb

Response Genetics

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.

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