CANCER GENETICS, INC. (NASDAQ:CGIX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
To the extent required by this Item, the information set forth in Item 8.01 below is hereby incorporated by reference into this Item 1.01.
Item 2.01 Completion of Acquisition or Disposition of Assets.
To the extent required by this Item, the information set forth in Item 8.01 below is hereby incorporated by reference into this Item 2.01.
Item 8.01 Other Events.
Sale of BioServe Biotechnologies (India) Pvt. Ltd.
On April 26, 2018, Cancer Genetics, Inc. (“CGIX” or the “Company”) entered into a share purchase agreement (the “Purchase Agreement”) by and among CGIX, BioServe Biotechnologies (India) Pvt. Ltd., a subsidiary of CGIX (the “India Subsidiary”) and Reprocell Incorporated (the “Purchaser”) to which the Company sold its shares in its India Subsidiary to the Purchaser in an all cash transaction. The purchase price was $1.9 million, subject to downward adjustment by up to $300,000, based on a formula set forth in the Purchase Agreement, if the India Subsidiary does not meet the specified revenue target. Under the terms of the Purchase Agreement, CGIX received an upfront payment of $1.6 million and the remaining $300,000 was placed in escrow. The sale closed on April 26, 2018.
A copy of the Purchase Agreement is attached as Exhibit 10.1 hereto, and incorporated herein by reference. The above description of the terms of the Purchase Agreement is qualified in their entirety by reference to the attached exhibit. A copy of the press release issued in connection with the above transaction is included herein as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
As described above, the following exhibit is furnished as part of this report:
Exhibit 10.1 – Share Purchase Agreement dated April 26, 2018 by and among BioServe Biotechnologies (India) Private Limited, Cancer Genetics, Inc. and Reprocell Incorporated.
Exhibit 99.1 – Press release, dated April 27, 2018.
CANCER GENETICS, INC ExhibitEX-10.1 2 ex10-1.htm EXECUTION COPY DATED APRIL 26,…To view the full exhibit click here
About CANCER GENETICS, INC. (NASDAQ:CGIX)
Cancer Genetics, Inc. is engaged in the field of personalized medicine, enabling precision medicine in the field of oncology through its diagnostic products and services, and molecular markers. The Company develops, commercializes and provides molecular- and biomarker-based tests and services that enable physicians to personalize the clinical management of each individual patient by providing genomic information to diagnose, monitor and inform cancer treatment, and enable biopharmaceutical companies engaged in oncology trials to select candidate populations and manage adverse drug reactions by providing information regarding genomic factors influencing subject responses to therapeutics. It has a range of disease-focused oncology testing portfolio. Its molecular- and biomarker-based diagnostic services are provided for three sectors: cancer centers and hospitals, biotechnology and biopharmaceutical companies, and the research community.
