CANCER GENETICS, INC. (NASDAQ:MYGN) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities.
to a reduction in the Companys workforce. The majority of the
affected employees work in general and administrative or
operational support roles. The reduction in workforce is expected
to become effective January 5, 2017. The goal of the Companys
reduction in workforce is to enable the Company to achieve greater
operational efficiency.
expects to incur severance charges and the payout of paid-time off
of approximately $250,000. The Company expects to record the
severance costs and make accrued paid time-off payments in the
first quarter of 2017.
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
that as part of the reduction in workforce, Edward J. Sitar will
cease to serve as the Company’s Chief Financial Officer effective
February 3, 2017.
Vice President, Finance, will act as the Companys principal
financial officer and the Company has promoted Victor Cross, MBA,
CPA, age 55, to the position of principal accounting officer. Mr.
Cross joined the Company as its controller in October 2016. Prior
to joining the Company, Mr. Cross worked for Mettler Toledo
International from 2015 to October 2016 as the Controller. Prior to
that he worked at Bristol-Myers Squibb Company (NYSE: BMY) from
2001 to 2015. At Bristol Myers, Mr. Cross held positions of
increasing responsibilities, with the most recent role as Financial
Controller for their biologics manufacturing and process
development operation in Syracuse, NY. Mr. Cross holds an MBA in
Finance and Accounting from Fairleigh Dickinson University,
Teaneck, NJ and an MA in Industrial Relations and Personnel
Administration from St Francis University, Loretto, PA. Mr. Cross
is also a Certified Public Accountant.
salary of $170,000 and is eligible for an annual cash bonus of up
to 15% of his base salary. In October 2016, in connection with the
commencement of his employment, Mr. Cross received 10,000 stock
options which vest as follows: 20% of the options shall vest on the
one-year anniversary of the date of employment and the remaining
80% shall vest in equal monthly increments over the subsequent 48
calendar months thereafter.
other than statements of historical facts contained in this report,
including statements regarding the timing of the reduction in
workforce, the charges to be incurred and the estimated
cost-savings are forward-looking statements. The words anticipate,
believe, could, estimate, expect, intend, may, plan, potential,
predict, project, should, target, would and similar expressions are
intended to identify
statements contain these identifying words. These statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking
statements, including the risks discussed in the Cancer Genetics,
Inc. Form 10-K for the year ended December 31, 2015, the Form 10-Q
for the Quarter ended March 31, 2016 and the Form 10-Q for the
Quarter ended June 30, 2016, along with other filings with the
Securities and Exchange Commission. Given these uncertainties, you
should not place undue reliance on these forward-looking
statements. These forward-looking statements represent our
estimates and assumptions only as of the date of this report and,
except as required by law, we undertake no obligation to update or
review publicly any forward-looking statements, whether as a result
of new information or future events.
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Exhibit No.
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Description
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99.1
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Press Release Dated January 6, 2017
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About CANCER GENETICS, INC. (NASDAQ:MYGN)
Myriad Genetics, Inc. is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence. The other segment provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients, and also includes corporate services, such as finance, human resources, legal and information technology. Its molecular diagnostic tests include myRisk Hereditary Cancer, BRACAnalysis CDx and COLARIS. CANCER GENETICS, INC. (NASDAQ:MYGN) Recent Trading Information
CANCER GENETICS, INC. (NASDAQ:MYGN) closed its last trading session up +0.25 at 17.80 with 779,776 shares trading hands.