Cancer Genetics Inc (CGIX)

[chmcnfunds]

Cancer Genetics, Inc. to Receive $1.2 Million In Non-Dilutive Funding Through New Jersey Technology Business Tax Certificate Transfer Program

RUTHERFORD, N.J., Nov. 19, 2015 (GLOBE NEWSWIRE) --

Cancer Genetics, Inc. (Nasdaq:CGIX) ("CGI" or "the Company"), an emerging leader in DNA-based cancer diagnostics, announced today that it has received preliminary approval for a $1.2 million gross tax credit from the New Jersey Technology Business Tax Certificate Transfer (NOL) Program for the year 2015. After expenses and fees, the company expects to receive approximately $1.1 million in net cash as a result of the tax credit transfer.

"As part of New Jersey's growing biotech community, we appreciate NJEDA's support and recognition," stated Panna Sharma, CEO of Cancer Genetics, Inc. "The additional non-dilutive funding our company will receive will be used to further support our expansion and for the development of our company's innovative technology and tests, which promise to change the cancer care landscape."

This competitive program, developed by the New Jersey Economic Development Authority (EDA) in 1999, provides funds each year to eligible New Jersey-based technology and biotechnology companies to support job creation and innovation. This year, 41 companies have been approved to share a total of $47.4 million through the state's NOL program. NOL enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations in a non-dilutive manner.

About Cancer Genetics

Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics. Our tests target difficult to diagnose hematological, urogenital and HPV-associated cancers. They are designed to guide the prognosis and treatment of these cancers with the goal of improving outcomes for patients. We have established strong clinical research collaborations with major cancer centers such as Memorial Sloan Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.

We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals and biopharmaceutical companies. Our state-of-the-art reference labs are CLIA certified and CAP accredited in the US and have licensure from several states including New York State.

For more information, please visit or follow us:

Internet: http://www.cancergenetics.com

Twitter: @Cancer_Genetics

Facebook: www.facebook.com/CancerGenetics
_______________________________________________
Read more: http://www.nasdaq.com/press-release/cancer-genetics-inc-to-receive-12-million-in-nondilutive-funding-through-new-jersey-technology-20151119-00263#ixzz3rwUni9D8