DNA cancer diagnostic company acquires Response Genetics for $14M

Rutherfold, NJ - According to Emily Badger of NJBiz, "Cancer Genetics Inc., a provider of DNA-based cancer diagnostics, announced Monday that it has agreed to acquire the assets and operations of Los Angeles-based Response Genetics Inc. Rutherford-based Cancer Genetics said in a news release that as part of the transaction, Response Genetics, a solid tumor molecular diagnostics, has filed chapter 11 bankruptcy in the Delaware Bankruptcy Court."

"The proposed acquisition of Response Genetics represents a unique opportunity for CGI and our shareholders by furthering our mission to impact cancer diagnosis and treatment globally," Panna Sharma, CEO of Cancer Genetics, said in a prepared statement. "The combined company will have significant revenue, operating and service synergies, allowing CGI to provide the most complete, oncology-focused molecular diagnostics services to clients across the country. Our company will be uniquely positioned to lead this segment of the rapidly evolving and high-growth oncology market."

GI will acquire Response Genetics for approximately $14 million, resulting in Response Genetics contributing about $11 million to CGI in revenue over the next year.

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