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Cancer Genetics (Nasdaq: CGIX) reported Q3 2020 financial results with revenue of $1.6 million, a 24% decline from $2.1 million in Q3 2019. Gross profit margin decreased to 41.8% from 52.0%. Total operating expenses fell to $2.0 million, down 57% year-over-year, influenced by previous goodwill impairment. The company experienced a net loss of $1.4 million ($0.58 per share), an improvement compared to a $4.8 million loss in Q3 2019. Strategic highlights include a merger agreement with StemoniX and $3 million in financing to support upcoming initiatives.
Cancer Genetics, Inc. (Nasdaq: CGIX) announced the successful closing of its public offering of 1,568,182 shares of common stock at $2.20 per share, raising approximately $3.45 million. The offering included an option for the underwriter to purchase an additional 204,545 shares. The gross proceeds will primarily be allocated for working capital and general corporate purposes. H.C. Wainwright & Co. served as the sole book-running manager for this offering. A shelf registration statement was declared effective on July 21, 2020, with a prospectus supplement filed on October 29, 2020.
Cancer Genetics (Nasdaq: CGIX) announced an increased public offering of 1,363,637 shares at $2.20 each due to demand, with a total expected gross of approximately $3 million. The offering is set to close around November 2, 2020. The underwriter, H.C. Wainwright & Co., has a 30-day option to purchase an additional 204,545 shares. Proceeds will support working capital and corporate purposes. The company recently filed a preliminary prospectus supplement with the SEC, effective from July 21, 2020.
Cancer Genetics, Inc. (Nasdaq: CGIX) announced an underwriting agreement with H.C. Wainwright & Co. for a public offering of 909,091 shares at $2.20 each, expected to close by November 2, 2020. This offering is projected to generate approximately $2.0 million in gross proceeds, aimed at funding working capital and general corporate purposes. Additionally, a 30-day option for the underwriter to purchase up to 136,363 more shares is included. The related shelf registration was declared effective on July 21, 2020.
Cancer Genetics, Inc. (Nasdaq: CGIX) will present at the 22nd Annual Rodman & Renshaw Global Investment Conference virtually from September 14-16, 2020. The presentation is scheduled for September 16 at 11:30 AM ET. Management will discuss the company's business and scientific advancements and will be available for one-on-one virtual meetings with registered investors. The company focuses on drug discovery and preclinical oncology services through its subsidiary vivoPharm, offering proprietary preclinical test systems valued by the pharmaceutical and academic communities.
Cancer Genetics (Nasdaq: CGIX) and StemoniX have entered a definitive merger agreement, allowing StemoniX to become a wholly-owned subsidiary of Cancer Genetics. The merger aims to combine their drug discovery capabilities, enhancing preclinical and clinical pipeline development. Following the agreement, StemoniX equity holders will receive approximately 78% of Cancer Genetics' common stock. The merger, expected to close in Q4 2020, is seen as a strategic move to leverage technological innovations in drug discovery.
Cancer Genetics (Nasdaq: CGIX) reported a total revenue of $1.4 million for Q2 2020, a 5% decrease from $1.5 million in Q2 2019, primarily due to timing issues in discovery services. Despite this, gross margin improved from 52% to 56% due to lower lab supply costs. However, total operating expenses rose by 68% to $2.5 million, driven by increased professional fees, leading to a net loss of $1.8 million or $0.82 per share, compared to a $0.5 million loss in the prior year. The company's cash reserves stood at $2.9 million as of June 30, 2020.
Cancer Genetics, Inc. (Nasdaq: CGIX) reported total revenue of $1.4 million for Q1 2020, down 21.7% from Q1 2019's $1.8 million. Gross profit decreased 42.9% to $0.6 million, with a gross margin decline attributed to prior high-margin IP licensing. Operating expenses reduced 4.7% to $1.9 million. The net loss narrowed to $1.2 million or $0.56 per share, compared to $1.7 million or $1.06 per share a year ago. The Company is focusing on cost reduction, cash preservation, and potential strategic partnerships to enhance shareholder value.
