Cancer Genetics Registers Shares Underlying Existing Warrants; No Change in Fully Diluted Share Count
RUTHERFORD, N.J., Dec. 22, 2016 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX) an emerging leader in enabling precision medicine for oncology through the use of molecular markers and information, today announced that it was registering for resale by purchasers, shares of common stock underlying certain existing warrants issued in private placements earlier this year. The registration will not increase the number of fully diluted shares of the Company, and is being made for regulatory purposes only.
In private placements in May and September, 2016, the Company issued an aggregate of 2,608,910 warrants to purchase common stock. The warrants have an exercise price of $2.25 per share, are exercisable six months from the date of issuance, and expire five years from the initial exercise date. The Company will not receive proceeds from any resale of these shares; but, would receive the exercise price if and when any warrants are exercised.
This press release refers to warrants previously purchased, and shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A copy of a written prospectus for these securities may be obtained by contacting Cancer Genetics, Inc., 201 Rt. 17N, Suite 201, Rutherford, NJ 07070 Att: Corporate Secretary.
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.
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: email@example.com
Released December 22, 2016