Skip to main content
Premium Trial:

Request an Annual Quote

Cancer Genetics, Cantor Fitzgerald Reach $20M Stock Sales Agreement

NEW YORK (GenomeWeb) – Cancer Genetics has reached a deal with Cantor Fitzgerald to sell up to $20 million of its common shares from time to time. 

The firm also said that its cash burn rate for the second quarter is anticipated to reach $4.8 million. 

In documents filed with the US Securities and Exchange Commission on Wednesday, Cancer Genetics said that the investment bank may sell shares deemed through an "at-the-market" offering, in which shares are offered at the prevailing market prices, or through other methods, including in privately negotiated transactions. 

In afternoon trading on the Nasdaq today, Cancer Genetics' shares were down about 2 percent at $12.24. 

It is not obligated to sell any shares as part of the deal, it noted. 

Net proceeds from any sale will be used to fund Cancer Genetics' contributions to its OncoSpire joint venture with the Mayo Clinic; to expand its sales and marketing operations; to increase R&D efforts; and for strategic transactions, working capital, and other general corporate purposes, the firm said. 

Cancer Genetics also said that it expects its cash burn for the three months ended June 30 to be about $4.8 million, or about $1.3 million more than its average cash burn. The increase primarily results from the timing of payments of premiums for its annual business renewal and the payment of employee bonuses. 

The company also announced a deal earlier today with Harvard Pilgrim Healthcare to provide its cancer diagnostic services.

The Scan

Time to Act

A new report urges the UK to consider regulations to protect against the misuse of genomic technologies, according to the Guardian.

Fulgent Seeking Defamation Suit

Fulgent Genetics says it plans to sue Los Angeles County Sheriff Alex Villanueva for defamation, the Los Angeles Times reports.

Speeding Gene-Edited Crops

Reuters reports that China's new trial rules will make it easier to grow gene-edited crops there.

Nucleic Acids Research Papers on Viral Recombination, Pan-Cancer Mutations, SARS-CoV-2 Variability

In Nucleic Acids Research this week: updated pipeline to detect viral recombination, mutational patterns in tumor samples, and more.