Cancer Genetics Prices $40 Mln Stock Offering

(RTTNews) - Cancer Genetics, Inc. (CGIX) said Tuesday that it has priced its underwritten public offering of 2.858 million shares of its common stock at a price to the public of $14.00 per share.

The gross proceeds to Cancer Genetics from the public offering are expected to be $40 million, before underwriting discounts and commissions and other offering expenses payable by Cancer Genetics.

Cancer Genetics has also granted the representative of the underwriters a 45-day option to purchase up to 428,700 additional shares of common stock from Cancer Genetics to cover over-allotments, if any.

The offering is expected to close on October 28.

The company plans to use the net proceeds from the offering to fund its Mayo Clinic joint venture, to expand sales and marketing, to continue research and development, and for general corporate purposes and to fund ongoing operations and expansion of the business.

The company may also use a portion of the net proceeds from the offering to repay certain outstanding indebtedness.