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Home / Business / Cancer Genetics Announces Q3 2019 Financial Results and Reports Strategic Business Development

Cancer Genetics Announces Q3 2019 Financial Results and Reports Strategic Business Development



<p class = "canvas-atom-canvas-text Mb (1,0 em) Mb (0) – sm Mt (0,8 em) – sm" type = "text" content = "RUTHERFORD, NJ, NOVEMBER 20, 2019 (GLOBE NEWSWIRE) – Cancer Genetics, Inc. (CGIX), a leading provider of drug discovery, preclinical oncology and immuno-oncology services, today announced its strategic, financial and operational results for the third year ended September 30, 2019
"data-reactid =" 11 "> RUTHERFORD, NOV, November 20, 2019 (GLOBE NEWSWIRE) – Cancer Genetics, Inc. (CGIX), today's leader in drug discovery and preclinical oncology and immuno-oncology announced the strategic , financial and operating results for the third quarter ending September 30, 201
9.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = " CURRENT STRATEGIC AND OPERATIONAL HIGHLIGHTS "data-reactid =" 12 "> CURRENT STRATEGIC AND OPERATIONAL HIGHLIGHTS

  • On cost-cutting initiatives and consolidated operational focus on drug discovery and preclinical services
  • Discovery Services revenue rose in the third quarter of 2019 compared to the second quarter of 2019, by $ 0.5 million, or 35%, to $ 2.1 million.
  • The gross margin for Discovery Services was in line with the second quarter 53.2% results 2019
  • Sale of two operating units for cash, banknotes and future cash flows completed; received a total of approximately $ 9.1 million in cash from such transactions in the third quarter and in October 2019.
  • HC Wainwright & Co. was commissioned to explore strategic alternatives for the future merger, sale of other assets or other strategic transactions.

We continue to make progress toward improving the company's financial profile by reducing total liabilities by more than $ 15 million during the nine-month period ended September 30, 2019. We received more than $ 9.1 million in cash, including approximately $ 0.8 million from siParadigm in the third quarter and $ 8.3 million from Interpace Diagnostics Group ($ 2.3 million in the third quarter and 6, 0 million USD in October 2019), the recently announced M & A transactions. We also repaid senior secured debt of approximately $ 9 million and repaid approximately $ 2.6 million on two unsecured debt securities due in October. We expect to further reduce our debt during the fourth quarter of 2019 to give the company time to explore a number of new strategic alternatives, "said John A. Roberts, CEO of Cancer Genetics.

In addition, Roberts said, "Our Discovery Services business is self-sustaining and eliminates any further operational cash burn. We now focus on collecting liquid assets owed by the Company, substantially reducing unsecured creditor liabilities, focusing on the operational elements of our Discovery Services business, and further exploring strategic alternatives that include the sale of other assets, a merger or other strategic measures could be transactions. We believe that with these asset sales now completed, the Company is well positioned to explore further strategic initiatives and expand the remaining Discovery Services business. "

<p class =" canvas-atom canvas-text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" THIRD QUARTER 2019 FINANCIAL RESULTS "data-reactid =" 21 "> THIRD FINANCIAL RESULTS OF THE 2019 QUARTER

As described in the Company's Quarterly Report for the third quarter of 2019 on Form 10-Q, the Company has the financial results for its historical results BioPharma and clinical services recognized as discontinued operations as a result of the two divestment transactions of July 2019. In the future, the company currently has a comprehensive set of antitumour-related data based on predictive xenograft and syngeneic tumor models from the acquisition of vivoPharm, Pty Ltd. ("VivoPharm") based in 2017 to provide discovery services such as contract research services focused primarily on unique specialized studies to guide the discovery and development of oncology and immuno-oncology drugs. The Company reported Discovery Services total revenues of $ 2.1 million for the third quarter of 2019, compared to revenues of $ 0.5 million in the third quarter of 2018, partially due to the recognition of deferred revenue adjustments in the third quarter 2018 related to deferred revenue The acquisition of vivoPharm and the related impact of the acquisition of ASC 606 to 2018.

The gross profit margin from continuing operations was 53.2% or 1.1 million in the third quarter of 2019. USD, compared to -28% or $ 0.2 million in third quarter Total operating expenses from continuing operations were approximately $ 4.8 million in the third quarter of 2019, compared to $ 3.1 million in the third quarter of 2018. The increase is due to the recognition of non-cash, non-recurring goodwill expense of $ 2.9 million of merger costs in the amount of 0.3 million USD. The net loss from continuing operations was $ 3.7 million for the third quarter of 2019, compared to $ 3.3 million for the same period in 2018, and total income for the third quarter of 2019 was $ 1.9 million, or $ 0.98 per share Total, net loss for the third quarter of 2018 was $ 8.5 million, or $ 9.34 per share.

Cash and cash equivalents as of September 30, 2019 were $ 2.1 million, compared to $ 0.2 million as of December 31, 2018, which represents an increase of approximately $ 0.2 million, equivalent to $ 2 million. USD.

<p class = "Canvas Atomic Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " About Cancer Genetics, Inc. "data-reactid =" 25 "> About Cancer Genetics, Inc.

Through the acquisition of vivoPharm, the company offers proprietary preclinical test systems that support early-stage clinical diagnostics. appreciated by the pharmaceutical industry, biotechnology companies and academic research centers. vivoPharm specializes in drug development studies, from compound libraries to comprehensive in vitro and in vivo data and reports required for submission of new drug applications. The Company reported revenues of $ 4.9 million from continuing operations and $ 5.4 million for the nine months ended September 30, 2019 for the full 2018 fiscal year.

<p class = "canvas -atom Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Forward-Looking Statements "data-reactid =" 31 " > Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements regarding the expectations of Cancer Genetics, Inc. with respect to future financial and / or operating results, the Potential for Our Testing and Services and Future Revenues or Growth in this press release represent forward-looking statements.

Statements that are not historical facts (including, but not limited to, Auss "believe," "plan," "anticipate," "expectations," "estimates," should also be construed as forward-looking statements. Forward-looking statements involve risks and uncertainties, including, but not limited to, risks with respect to our ability to recover future income or cash flows and settle accounts with our creditors, risks associated with our ability to successfully operate the Discovery Services business, with risks in Regarding our ability to raise future capital to meet our obligations to lenders and creditors, regulatory risks, risks of termination of customer contracts or the cessation of attempts, uncertainties in the evaluation of strategic options, maintenance of intellectual property rights, risks in relation to maintaining our listing on Nasdaq and other risks discussed in Cancer Genetics, Inc., Form 10-K for the year ended December 31, 2018, and Form 10-Q for the quarter ended September 30, 2019 , together with other securities filed with the Securities and Exchange Commission. These forward-looking statements are valid only at the time of their publication. Cancer Genetics, Inc. disclaims any obligation to update these forward-looking statements.

<p class = "Canvas Atomic Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Investor contacts :
John A. Roberts
Email: [email protected] "data-reactid =" 34 "> Contacts for Investors:
John A. Roberts
email: [email protected]

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) –sm Mt (0.8em) – sm "type =" text "content =" Cancer Genetics, Inc. and Subsidiaries
Consolidated Balance Sheet (unaudited)
(in thousands, except face value) "data-reactid =" 35 " > Cancer Genetics, Inc. and Subsidiaries
Consolidated Balance Sheet (unaudited)
(in thousands, except face value) [19659025] 30. September 31. December [1965903] 4] 2019 2018 ASSETS CURRENT ASSETS Cash and cash equivalents $ [194590052147 $ 161 Trade receivables 813 777 Earn-Out by siParadigm, current share 693 [1945900619659026] – Claim against IDXG 6,795 – [1 9659057] Other short-term assets 1.030 [19659160] 553 Short-term fortune operations 1.125 23.421 Sum short-term ver assets 12 19659026] 24.912 Fixed assets less accumulated depreciation 671 497 [19659029] OTHER ASSETS Rights of Use 19659031 Assets 115 – Limited Cash [19659026] 350 350 Earned from siParadigm, less recent Share [19659026] 594 – Patents and other intangible assets, net of amortization 3.021 [19659160] 3,349 Participation in a joint venture [1945] 92 92 Goodwill 19659042] 3.090 Other 300 [196590268] [19659006] 243 Total Other Assets 7.562 9,997 [19659029LICENSESANDEQUITYOFSHAREHOLDERS ] Liabilities and provisions [19459006 3,330 3,100 Obligations under operating leases, running part [19459006 207 – [19659036] Liabilities arising from finance leases, ongoing part 60 20 Deferred revenue 1.607 1.215 Convertible bond, net 2.273 [19659160] 2.481 Advance of Novellus Dx, Ltd., net [194559032] 1500 535 [19659036] Progress by siParadigm, current part [196590429 – Other derivatives [19659035] 19659029] 86 [19659057] Short-term liabilities from discontinued operations 3.229 [19659033] 20.742 Sum of current liabilities 12.675 28.179 Obligations Operating leases, lesser current share [19659026 29 – Liabilities arising from finance leases, lesser short-term Share 148 23 Progress by siParadigm, less current share [1945900[19659035] 505 – Deferred rent payable and other [1945900] 6] 154 Guarantee obligation 15 [19659033] 248 Total liabilities 13,372 28.604 COMMITMENTS AND CONTINGENTIALS [STOCKHOLD [1965-9036] preferred stock, approved 9,764 shares, par ] 19659042] – Ordinary shares, authorized 100,000 shares, par value 0.0001 USD, 2,101 and 924 shares outstanding ad outstanding as at 30 September 2019 or 31 December 2018 – – Capital reserve ] 171.696 [19659033] 164.458 Cumulative other result (loss) [19659033] (101 ) 60 Cumulative deficit Total assets 7,464 6,802 Total liabilities and equity $ 20,836 $ 35.406

<p class = "Canvas Atomic Canvas Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Cancer Genetics, Inc. and Subsidiaries
Condensed consolidated income statement and other comprehensive loss (unaudited)
(in thousands, except per share) "data-reactid =" 38 "> Cancer Genetics, Inc. and subsidiaries [19659019] Condensed consolidated income statement and other comprehensive loss (unaudited)
(in thousands, except per share amounts)

Ended three months
September 30
Nine months end
September 30 [194559033]
2019 19659026] 2018 2019 2018
Sales ] $ [1 9459075] 2.069 $ 535 $ [19459005 $ 3.243
Cost of Sales 960 685 2,631 2,145
[1945900] 1.109 [19659033] (150 ) 2,785 [1945 1,098
Operating costs: 19659042 ]
General and Administration 1.290 1.9399006] [19659088] 4.463 5,236
Distribution and marketing [19459006 322 320 Goodwill impairment 825 ] 19659033] [19659031] 2.873 – [MergerCostsTotalCostofOwnership 284 4.499 3.149 8659026] 7.026
Loss from continuing operations (3,660 ] (3,299 ) (5 660 ) (5 928 Revenue (issues): [Interestexpense [1 9459006] (200 (82 ]] Interest income 19659033] [] 21 [19659036] Change in the fair value of the payable bond 5 [19659033] (13 ) 12 68 [19659244] Change in the fair value of other derivatives ]
Change in the fair value of the warranty obligation 34 19659042] 12 Value of siParadigm Earn-Out (982 (982 ) [19659160]
Other editions [19659088] (55 ) [19659104] (11 (78 )
Other revenue (issues) (1,143 [19659053] (138 ) (1989 ) ] 2.782
Loss before income taxes ( 4,803 ] (3.437 (7,649 3.146 )
Income Tax Advantage 512 )
Loss from continuing operations [1 9459006] (4,803 [19659160] (3,437 [1945 (7,137 ) (3,146) 19659160])
Result (loss) on discontinued operations (Including a gain of $ 8,496 in the three and nine months ended September 30, 2019 [Netincome(loss)[1945900619659026] 6,778 (5,082) ] 722 (13,462 )
] 1.975 (8,519 [196590006] (6,415 [19659033] [19659031] (16.608 )
Currency Conversion Profit (Loss) (120 (30 19659031]) (161 [19659033]) 35
Overall result (loss) $ 1.855 $ (8.549 ) $ (6,576 $ (16,573 )
[19659160] 19659042]
Basic and diluted net loss per share from continuing operations $ 2.38 ) $ (3.77 ) $ (3.86 ) $ (3.48 )
Basic and diluted net income (loss) per share of discontinued operations 3.36 (5.57 0.3 ] (14.87 )
Basic and diluted earnings per share US $ 0.98 19659029] $ (9.34 ) $ (3 , 47 ) $ (18,35]
[19659160] [19659031]
Undiluted and diluted average outstanding shares [19659213] 2.014 912 1,850 [196592129] [1965921]


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