Cancer Genetics shares jump on new loan forbearance agreement
Shares of Cancer Genetics (NASDAQ:CGIX) are gaining ground in Thursday’s pre-market session thanks to the release of amended terms for a forbearance agreement with its lenders.
According to an 8K regulatory filing with the US Securities and Exchange Commission on Wednesday, the biotech’s new loan amendment with Silicon Valley Bank alters the interest rate to WSJ Prime plus 2.25 percentage points (which means it is 6.75% as of the close of September). It also requires the biotech to comply with certain milestones in connection with a potential strategic transaction.
READ: Cancer Genetics CEO says merger with NovellusDx to speed up enrollment in cancer-focused trials
The company also amended its loan agreement with Partners for Growth, which also outlines milestones for a possible strategic transaction. That loan agreement is an interest-only term loan of $6 million, which bears interest at the rate of 11.5% per year and matures on March 22, 2020.
In response to hints that Cancer Genetics will strike a strategic transaction, investors sent Cancer Genetics shares up 38% to $0.36 before the opening bell on Thursday.
Based in Rutherford, New Jersey, Cancer Genetics offers diagnostic products and services that enable precision medicine in oncology. It boasts clinical research collaborations with key cancer centers such as Memorial Sloan Kettering, The Cleveland Clinic, Mayo Clinic, Keck School of Medicine at USC and the National Cancer Institute.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/212801/cancer-genetics-shares-jump-on-new-loan-forbearance-agreement-212801.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).