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Cancer Genetics Announces $17.5 Million Common Stock Offering Priced At-the-Market under Nasdaq Rules

RUTHERFORD, N.J., Feb. 10, 2021 (GLOBE NEWSWIRE) — Cancer Genetics, Inc. (the “Company”) (Nasdaq: CGIX), a leader in drug discovery and preclinical oncology and immuno-oncology services, today announced that it has entered into securities purchase agreements with certain healthcare-focused institutional investors to raise approximately $17.5 million through the issuance of 2,777,778 shares of its common stock at a purchase price of $6.30 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about February 16, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The Company currently intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures. The net proceeds are also expected to be available to the combined company once the previously announced merger with StemoniX closes, which is subject to stockholder approval. Read from source….