Cancer Genetics relaunches deal with new underwriters
Cancer Genetics, which offers personalized genomic tests to
improve the diagnosis and treatment of cancer, lowered the
proposed deal size for its upcoming IPO on Tuesday. The
Rutherford, NJ-based company now plans to raise $35 million by
offering 5 million shares at a price range of $6 to $8. The
company had previously filed to offer 4 million shares at a range
of $11 to $13 before postponing their IPO in May.
At the midpoint of the revised range, Cancer Genetics will raise 27% fewer proceeds than previously anticipated. Cancer Genetics, which was founded in 1999 and booked $3 million in sales for the 12 months ended 6/30/2012, plans to list on the NASDAQ under the symbol CGIX. Aegis Capital and Feltl and Company are the joint bookrunners on the deal.