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Cancer Genetics Prices Stock Offering, Expects to Raise $40M

NEW YORK (GenomeWeb News) – Cancer Genetics said after the close of the market last night that it had priced its offering of 2,858,000 shares of common stock at $14 per share.

The Rutherford, NJ-based cancer molecular diagnostics firm expects gross proceeds from the offering to total roughly $40 million. That total falls short of the proposed maximum aggregate offering price of $46 million listed in the firm's preliminary prospectus last week.

Cancer Genetics said that it would use the proceeds to fund its joint venture with the Mayo Clinic, expand its sales and marketing capabilities, continue R&D initiatives, and for general corporate purposes including expansion of its business.

The latest offering comes around two months after Cancer Genetics raised roughly $15 million in a public stock offering and migrated its stock from the OTC QB to the Nasdaq Capital Market.

Aegis Capital is the sole book-running manager, and Feltl & Co., Cantor Fitzgerald, and Dougherty & Co., are co-managers on the offering. Cancer Genetics is granting the underwriters a 45-day option to purchase up to 428,700 additional shares to cover any over-allotments.

Cancer Genetics' shares closed at $14.31 in Tuesday trade and were down a fraction of 1 percent at $14.26 early Wednesday.

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