Cancer Genetics Announces Second Quarter 2017 Financial Results, Accretive Acquisition And Capital Raise

RUTHERFORD, N.J. and LOS ANGELES, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Cancer Genetics, Inc. (Nasdaq:CGIX), a leader in enabling precision medicine for oncology through molecular markers and diagnostics, announced today financial and operating results for the second quarter ended June 30, 2017.

Mr. Panna Sharma, President and CEO of CGI commented, “During the second quarter of 2017 we continued our drive to become the oncology diagnostics partner of choice for biopharmaceutical companies and clinicians. During the second quarter we grew our clinical services revenue by approximately 20% and overall revenue for the first half of the year grew 4% over last year. Our revenue from biopharma projects during the second quarter were uneven due to the delay of 9 clinical trials, although we expect many of them to start over the next 2 quarters. We continue to be focused on reducing our losses and operating expenses as we target near-term profitability. We also achieved record demand from biotech and pharma customers as demonstrated by $7.1 million in new contracts and bookings. We are now supporting over 170 clinical trials serving 9 of the top 10 biopharma companies globally. We also closed 13 new biotech and pharma customers during the second quarter of 2017 that will support the reacceleration of our Biopharma revenue.”

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