Rutherford, New Jersey-based Cancer Genetics, Inc., an early-stage diagnostics company that develops genomic-based, oncology tests and services, has announced that its initial public offering (IPO) of 690,000 shares of common stock closed at $10.00 per share, raising $6.9 million, before expenses. In a Form S-1/A filed with the Securities and Exchange Commission on April 1, 2013, the company stated that “the proprietary tests [it is developing] target cancers that are difficult to prognose and predict treatment outcomes by using currently available mainstream techniques. These cancers include hematological, urogenital and HPV-associated cancers.”
Some $2 million of the IPO’s net proceeds will evidently go toward funding the company’s joint venture with the Mayo Foundation for Medical Education and Research to develop oncology diagnostic services and tests using nextgeneration sequencing, reports a news source. See Genomeweb.com, April 5, 2013; Cancer Genetics, Inc. News Release, April 10, 2013.