Cancer Genetics Terminates Proposed Merger with NovellusDx
December 17 2018 - 8:00AM
Cancer Genetics, Inc. (Nasdaq: CGIX), a leader in enabling
precision medicine for immuno-oncology and genomic medicine through
molecular markers and diagnostics, today announced that it has
terminated the previously-announced merger agreement with
NovellusDx, effective immediately.
As a result of the termination of the merger agreement, the
Company will pursue alternative strategic and financial
transactions with the goal of enhancing shareholder value. The
Company will again work with Raymond James & Associates, Inc.
as a financial advisor in its evaluation of a broad range of
financial and strategic alternatives, including additional capital
raising transactions, the acquisition of another company or
complementary assets or the potential sale or merger of the Company
or another type of strategic partnership.
John A. Roberts, Chief Executive Officer of Cancer Genetics,
commented, “Based on difficulties we have had in advancing the
merger process, as well as certain other factors, we believed it
was in the best interests of Cancer Genetics and our shareholders
to terminate the merger agreement with NovellusDx.
Notwithstanding these challenges, we continue to make
progress in our core business. Over the course of 2018, and
in the third quarter in particular, we have continued to make
substantive advancements toward streamlining our operations,
creating more focus in our strategy and positioning the Company to
grow revenues through the expansion of our biopharma business while
maintaining strict control over our expenses. We have strengthened
our management team, continue to improve our lab processes and
formed strategic partnerships that are expected to contribute new
streams of revenue to drive our long-term growth. We believe that
we are on track to deliver solid operational performance in the
fourth quarter of 2018 and remain confident in the strength of our
core business, the continued dedication of our talented
professional staff, and the strong relationships we have with our
biopharma customers. We will continue to work with Raymond
James to evaluate new potential strategic and financial
alternatives aimed at enhancing shareholder value, are optimistic
about our future and look forward to providing further updates on
this process. ”
ABOUT CANCER GENETICS
Cancer Genetics, Inc. is a leader in enabling precision medicine
in oncology through the use of biomarkers and molecular testing.
CGI is developing a global footprint with locations in the US,
Australia 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. All statements pertaining to Cancer Genetics Inc.’s
expectations regarding future financial and/or operating results
and potential for our tests and services, and future revenues or
growth in this press release constitute forward-looking
statements.
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 consolidation efforts and/or
acquisitions will not be realized, uncertainty in the results of
clinical trials or regulatory approvals, need and ability to obtain
future capital, uncertainties with respect to evaluating strategic
options, maintenance of intellectual property rights and other
risks discussed in the Cancer Genetics, Inc. Form 10-K for the year
ended December 31, 2017 and Form 10-Q for the quarter ended
September 30, 2018, 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.
Investor Contact:Lee Roth The Ruth GroupTel:
646-536-7012Email: lroth@theruthgroup.com
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