Cancer Genetics, Inc. Announces Consolidation and Cost Reduction in Administrative and Operational Support Functions
Published on: Friday, January 6th, 2017 View all Media
Rutherford, NJ., January 06, 2017 – 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 2017.
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.