RUTHERFORD, N.J., Nov. 20, 2019 (GLOBE NEWSWIRE) — Cancer Genetics, Inc. (CGIX), a baton in biologic analysis and preclinical oncology and immuno-oncology services, today appear strategic, banking and operating after-effects for the third division concluded September 30, 2019.
RECENT STRATEGIC AND OPERATIONAL HIGHLIGHTS
We abide to accomplish advance to advance the Company’s banking contour with the abridgement of over $15 actor of absolute liabilities in the nine ages aeon concluded September 30, 2019. We accustomed over $9.1 actor in cash, including about $0.8 actor from siParadigm in Q3 and $8.3 actor from Interpace Diagnostics Group ($2.3 actor in Q3 and $6.0 actor in October 2019), the afresh appear M&A transactions. We additionally repaid about $9 actor in chief anchored debt and paid bottomward about $2.6 on two apart addendum payable in October, added abbreviation our debt and we apprehend to added abate our debt throughout Q4 2019, giving the Company time to analyze a array of new cardinal alternatives,” said John A. Roberts, Chief Executive Officer of Cancer Genetics.
Additionally, Mr. Roberts declared “our Analysis Casework business is self-sustaining, thereby eliminating any added operating banknote burn, and we are now focused on accession banknote that is due to the Company, essentially abbreviation our accounts payable with our apart creditors, absorption on the operational elements of our Analysis Casework business, and continuing to analyze cardinal alternatives, which could accommodate the auction of added assets, a alliance or added cardinal transactions. With these asset sales now completed, we accept the Company is in a acceptable position to analyze added cardinal initiatives as able-bodied as to abound the actual Analysis Casework business”.
THIRD QUARTER 2019 FINANCIAL RESULTS
As declared in the Company’s annual address for Q3 2019 on Form 10-Q, the Company presented its banking after-effects for its celebrated BioPharma and Analytic casework as discontinued operations, as the aftereffect of the two July 2019 denial transactions. Going forward, the Company currently has an all-encompassing set of anti-tumor referenced abstracts based on predictive xenograft and syngeneic bump models from the accretion of vivoPharm, Pty Ltd. (“vivoPharm”) in 2017, to accommodate Analysis Casework such as arrangement analysis services, focused primarily on different specialized studies to adviser biologic analysis and development programs in the oncology and immuno-oncology fields. The Company appear absolute Analysis Casework acquirement of $2.1 actor for the third division of 2019 compared to acquirement of $0.5 actor in the third division of 2018, partially the aftereffect of recording out of altitude aeon adjustments to deferred acquirement in the Q3 2018 aeon associated with the vivoPharm accretion and the agnate 2018 appulse of the acceptance of ASC 606.
Gross accumulation allowance from continuing operations was 53.2% or $1.1 actor in the third division of 2019, compared to -28% or ($0.2) actor in the third division of 2018. Absolute operating costs from continuing operations for the third division of 2019 were about $4.8 million, compared to $3.1 actor in the third division of 2018. The access is the aftereffect of recording non-cash, non-recurring accuse to amicableness of $2.9 actor and alliance accompanying costs of $0.3 million. Net accident from continuing operations was $3.7 actor in the third division of 2019 compared to a net accident of $3.3 actor in the aforementioned aeon of 2018, and the absolute net assets was $1.9 actor or $0.98 per allotment for the third division of 2019, compared to a absolute net accident of $8.5 actor or $9.34 per allotment for the third division of 2018.
Cash and banknote equivalents as of September 30, 2019 totaled $2.1 million, compared to $0.2 actor as of December 31, 2018, an access of about $2 million.
About Cancer Genetics, Inc.
Through the accretion of vivoPharm, the Company offers proprietary preclinical analysis systems acknowledging analytic analytic offerings at aboriginal stages, admired by the biologic industry, biotechnology companies and bookish analysis centers. vivoPharm specializes in administering studies tailored to adviser biologic development, starting from admixture libraries and catastrophe with a absolute set of in vitro and in vivo abstracts and reports, as bare for Investigational New Biologic filings. The Company recorded acquirement from its Analysis Casework business from continuing operations of $4.9 actor for the abounding year 2018 and $5.4 actor in the nine ages aeon concluded September 30, 2019.
This columnist absolution contains advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Cancer Genetics, Inc.’s expectations apropos approaching banking and/or operating results, abeyant for our tests and casework and approaching revenues or advance in this columnist absolution aggregate advanced statements.
Any statements that are not actual actuality (including, but not bound to, statements that accommodate words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should additionally be advised to be advanced statements. Advanced statements absorb risks and uncertainties, including, after limitation, risks with account to our adeptness to aggregate on approaching assets or acquittal streams and achieve with our creditors, risks with account to our adeptness to auspiciously accomplish the Analysis Casework business, risks with account to our adeptness to access approaching basic to amuse our obligations to our lenders and creditors, authoritative risks, risks of abandoning of chump affairs or adjournment of trials, uncertainties with account to evaluating cardinal options, aliment of bookish acreage rights, risks with account to advancement our advertisement on Nasdaq, and added risks discussed in the Cancer Genetics, Inc. Form 10-K for the year concluded December 31, 2018 and Form 10-Q for the division concluded September 30, 2019, forth with added filings with the Securities and Exchange Commission. These advanced statements allege alone as of the date hereof. Cancer Genetics, Inc. disclaims any obligation to amend these advanced statements.
Investor Contacts:John A. Roberts Email: [email protected]
Cancer Genetics, Inc. and SubsidiariesConsolidated Balance Sheets (Unaudited)(in thousands, except par value)
Cancer Genetics, Inc. and SubsidiariesCondensed Circumscribed Statements of Operations and Added Absolute Accident (Unaudited)(in thousands, except per allotment amounts)
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