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Underwriters Partially Exercise Overallotment Option on Cancer Genetics' Public Offering

NEW YORK (GenomeWeb News) – Cancer Genetics today said that the underwriters for its recent public offering have partially exercised an overallotment option, purchasing an additional 105,000 shares at $10 per share.

As a result, the gross proceeds from the offering increased to about $16.1 million.

The Rutherford, NJ-based cancer diagnostics firm closed on the offering last month, and said that net proceeds would go toward expanding its sales and marketing operations; further commercializing products; investing in its joint venture with Mayo Clinic called OncoSpire; retiring mezzanine financing; and funding R&D and other general working capital needs.

Aegis Capital was the sole book-running manager for the offering, and Feltl and Co., was the co-lead manager. Cancer Genetics had granted the underwriters a 45-day option to purchase up to 225,000 additional shares of its common stock to cover any overallotments.

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