• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Medical Device Market
    Medical Device News
    Medical Device Stocks
    • Medical Device Market
    • Medical Device News
    • Medical Device Stocks

    Cancer Genetics, Inc. Announces Consolidation and Cost Reduction in Administrative and Operational Support Functions

    Investing News Network
    Jan. 06, 2017 02:34PM PST
    Medical Device Investing

    Cancer Genetics, Inc. (Nasdaq:CGIX) an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information, announced today further consolidation and cost reductions in the Company’s administrative, finance and operational support functions, which management believes will aid in leading the Company on a path to profitability.  The Company has further …

    Cancer Genetics, Inc. (Nasdaq:CGIX) an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information, announced today further consolidation and cost reductions in the Company’s administrative, finance and operational support functions, which management believes will aid in leading the Company on a path to profitability.  The Company has further integrated finance and administrative functions across the US operations and finalized implementation of key financial enterprise resource planning and human resource systems that enable greater efficiency. As a result of the streamlining, the Company has implemented a headcount reduction across administrative and support roles, and has restructured functions to achieve greater operational efficiency.
    Cancer Genetics is also announcing the internal promotion of Victor Cross, MBA, CPA to the position of Chief Accounting Officer.  Mr. Cross joined the Company in October 2016 and brings to the position over 20 years of solid finance and accounting experience serving both private and public companies.  Prior to joining Cancer Genetics, Victor worked for Mettler-Toledo, a global leader of analytical and life sciences instrumentation and for Bristol Myers Squibb Company for 14 years where he held positions of increased responsibilities with the most recent role as Financial Controller for their biologics manufacturing and process development operation in Syracuse, NY.  Victor brings a wealth of experience in process and efficiency improvements, system implementations, project management and financial modeling.  Mr. Cross holds an MBA in Finance and Accounting from Fairleigh Dickinson University; an MA in Industrial Relations and Personnel Administration from St. Francis University, and is a Certified Public Accountant.As part of the restructuring, Edward J. Sitar will no longer serve as the Company’s Chief Financial Officer and Treasurer, effective February 3, 2017.  “We would like to thank Edward Sitar for his service and commitment to Cancer Genetics, and we wish him well in his new endeavors,” commented Panna Sharma.  Mr. Sitar’s responsibilities will be taken over by Victor Cross, Chief Accounting Officer and John “Jay” Roberts, Chief Operating Officer & EVP of Finance.The actions associated with today’s announcement are expected to have a positive impact on the Company’s income statement beginning in the second quarter of 2017.
    About Cancer Genetics:
    Cancer Genetics, Inc. is an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information. 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 us:
    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 Genetic, 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 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, 2015 and the Form 10-Q for the Quarter ended September 30, 2016 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. Contact:
    Panna Sharma
    CEO & President
    Cancer Genetics, Inc.
    Tel: 201-528-9200
    Email: panna.sharma@cgix.com

    mayo clinicclinical trialschinaprecision medicineindia
    The Conversation (0)

    Go Deeper

    AI Powered
    Microscopic view of stem cells.

    Stem Cell Stocks: 10 Biggest NASDAQ Companies in 2025

    Senior woman doing exercises alongside closeup of DNA.

    5 US Longevity and Anti-aging Stocks to Watch in 2025

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×