Cancer Genetics Terminates Proposed Merger with NovellusDx

Cancer Genetics (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 quoted in the press release:

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.

Click here to read the full press release.