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Cancer Genetics relaunches deal with new underwriters

By: Renaissance Capital
Posted: 10/23/2012 11:27:00 AM
Referenced Stocks: CGIX

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.