CANCER GENETICS, INC. (NASDAQ:CGIX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On February 15, 2019, Cancer Genetics, Inc. (the “Company”) and Iliad Research and Trading, L.P. (the “Lender”) entered into a Standstill Agreement (the “Agreement”), related to the Convertible Promissory Note dated July 17, 2018 in the original amount of $2,625,000 (the “Note”), which was previously sold and issued to the Lender to the Securities Purchase Agreement dated July 17, 2018 between the Lender and the Company.
The Agreement, among other things, (i) provides that the Lender will not seek to redeem any portion of the Note until March 10, 2019 (the “Standstill”); (ii) increases the outstanding balance of the Note by $138,765.41, representing a fee to the Lender for such Standstill, and resulting in the Note having an agreed-upon outstanding balance as of February 15, 2019 of $2,914,073.63; and (iii) allows the Company the option to elect that the Lender not seek to redeem any portion of the Note until April 15, 2019, provided that upon such election the outstanding balance of the Note would increase by an additional $63,382.71.
The foregoing description of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Agreement, which the Company expects to file as an exhibit to its Annual Report on Form 10-K for the year ending December 31, 2018.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Report is incorporated herein by reference.
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.