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Diagnostics company Cancer Genetics again decreases proposed deal size

By: Renaissance Capital
Posted: 3/4/2013 10:45:00 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 Monday. The Rutherford, NJ-based company now plans to raise $20 million by offering 1.9 million shares at a price range of $10 to $12. The company had previously filed to offer 5 million shares at a range of $4 to $6. At the midpoint of the revised range, Cancer Genetics will raise -19% fewer proceeds than previously anticipated.

Cancer Genetics originally filed for an IPO in December 2011 before postponing the deal in May 2012 and then again in February 2013. Its first attempted deal aimed to raise $48 million. The company, which was founded in 1999 and booked $4 million in sales for the 2012 fiscal year, plans to list on the NASDAQ under the symbol CGIX. Aegis Capital is the lead bookrunner on the deal.