Aug. 10, 2015, 10:13 AM
- Cancer Genetics (CGIX +5.2%) enters into an agreement in principle to act as a "stalking horse" and acquire all the assets and operations of Response Genetics (RGDX -48.7%) for $14M, $7M in cash and $7M in CGIX stock.
- The deal will add $10M - 12M in revenue to CGI's top line over the next 12 months and more than double its clinical revenue base. As part of the transaction, Response has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the Delaware Bankruptcy Court.
- A "stalking horse" bid under the U.S. Bankruptcy Code means other parties have the opportunity to submit competing offers. CGIX is entitled to a break-up fee and expense reimbursement if it does not prevail in its bid. The acquisition agreement in principle remains subject to finalization within seven days of Response's Chapter 11 filing.
Jul. 21, 2014, 9:59 AM
Jun. 23, 2014, 10:16 AM
- Cancer Genetics (CGIX +0.3%) signs a non-binding Letter of Intent to acquire privately-held Gentris Corp. for $4.75M ($3.25M in cash plus $1.5M in CGIX stock). Additional performance-based earnouts could add another $1.5M.
- Gentris provides pharmacogenomics, genotyping and biorepository services to the pharmaceutical and biotech industries.
May 15, 2014, 1:39 PM
- Investors in thinly traded nano cap Cancer Genetics (CGIX -14.7%) react to the dilutive nature of its acquisition of Hyderabad, India-based BioServe Biotechnologies for $1.9M in CGIX stock and other deferred consideration.
- BioServe's post-transaction name will be Cancer Genetics India Pvt. Ltd. The 33-employee firm provides genomic services including next-gen sequence genotyping and DNA synthesis.
- Management expects the transaction to be accretive in 2015.
Cancer Genetics, Inc. is an early-stage diagnostics company that engages in the development and commercializes proprietary genomic tests and services to improve the diagnosis, prognosis and response to treatment of cancer. Its developments include DNA-FISH Probes, CGH Microarrays, and... More
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