Cancer Genetics Receives Non-Dilutive Funding of $1.1 Million through New Jersey Technology Business Tax Certificate Transfer...
December 28 2017 - 7:00AM
Cancer Genetics, Inc. (Nasdaq:CGIX), a leader in enabling precision
medicine for oncology through molecular markers and diagnostics,
today announced that the company has received $1.1 million in net
cash proceeds from the transfer of tax credits approved by the New
Jersey Economic Development Authority’s (NJEDA) New Jersey
Technology Business Tax Certificate Transfer (NOL) program. The
payment, received in December 2017, is net of administrative and
sales expenses and fees associated with the program.
“We greatly appreciate the continued support of the NJEDA under
this program, whose funding serves as a catalyst to support key
R&D and growth initiatives for CGI,” said Panna Sharma, CEO of
Cancer Genetics, Inc. “This non-dilutive capital will help to
accelerate the development and commercialization of precision
oncology technologies in multiple cancer indications as well as
solidify our commitment to bring innovation in the biotech industry
to the state of New Jersey.”
The NOL program, developed by the New Jersey Economic
Development Authority (EDA) in 1999, provides funds each year to
eligible New Jersey-based technology and biotechnology companies to
support job creation and innovation. This program allows companies
to sell New Jersey net operating losses and R&D tax credits for
at least 80 percent of the value of the tax benefits, up to a
maximum lifetime benefit of $15 million per business, to turn their
tax losses and credits into cash proceeds to fund additional
R&D, buy equipment and/or facilities, or cover other allowable
expenditures. The New Jersey Economic Development Authority (NJEDA)
determines eligibility, and the New Jersey Division of Taxation
determines the value of the tax benefits (NOL and R&D Tax
Credits).
ABOUT CANCER GENETICS Cancer Genetics Inc. is a
leader in enabling precision medicine in oncology from bench to
bedside through the use of oncology biomarkers and molecular
testing. CGI is developing a global footprint with locations in the
US, India and China. We have established strong clinical research
collaborations with major cancer centers such as Memorial Sloan
Kettering, The Cleveland Clinic, Mayo Clinic, Keck School of
Medicine at USC and the National Cancer Institute.
The Company offers a comprehensive range of laboratory services
that provide critical genomic and biomarker information. Its
state-of-the-art reference labs are CLIA-certified and
CAP-accredited in the US and have licensure from several states
including New York State.
For more information, please visit or follow CGI at:
Internet: www.cancergenetics.com
Twitter: @Cancer_Genetics
Facebook: www.facebook.com/CancerGenetics
Forward-Looking Statements: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements related to Cancer Genetics’ strategic focus and the
future development, commercialization and outcomes associated with
its tests and testing services.
Any statements that are not historical fact (including, but not
limited to, statements that contain words such as “will,”
“believes,” “plans,” “anticipates,” “expects,” “estimates”) should
also be considered to be forward-looking statements.
Forward-looking statements involve risks and uncertainties,
including, without limitation, risks inherent in the development
and/or commercialization of potential products, risks of
cancellation of customer contracts or discontinuance of trials,
risks that anticipated benefits from acquisitions will not be
realized, uncertainty in the results of clinical trials or
regulatory approvals, need and ability to obtain future capital,
maintenance of intellectual property rights and other risks
discussed in the Cancer Genetics, Inc. Form 10-K for the year ended
December 31, 2016 and the Form 10-Q for the Quarter ended September
30, 2017 along with other filings with the Securities and Exchange
Commission. These forward-looking statements speak only as of the
date hereof. Cancer Genetics, Inc. disclaims any obligation to
update these forward-looking statements.
Contacts Media Relations Kirsten
Thomas 508-280-6592 kthomas@theruthgroup.com
Investor Relations Lee Roth / Robert Flamm 646-536-7012 / 7017
lroth@theruthgroup.com / rflamm@theruthgroup.com
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