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OT:Cancer Genetics files for IPO of up to $50 million

Cancer Genetics Inc. unveiled plans for an initial public offering of up to $50 million in shares as the developer of genetic tests to detect cancer seeks funds for research and development and to repay debt.

Further terms of the IPO weren't disclosed in the New Jersey-based company's filing with the U.S. Securities and Exchange Commission.

Cancer Genetics develops genetic tests for difficult to diagnose cancers such as blood cancers, urinary and genital cancers and those related to the human papillomavirus.

Early last year the company commercially launched its test for chronic lymphocytic leukemia and is developing tests in its other core areas.

For the nine months ended Sept. 30, Cancer Genetic's loss widened to $16.8 million from $7.3 million in the year-earlier period amid sharply higher operating expenses and fair-value impacts. Net revenue grew 34% to $2.1 million.

The company intends to apply to list its shares on the Nasdaq Global Market under the symbol CGIX.

http://www.marketwatch.com/story/cancer-genetics-files-for-ipo-of-up-to-50-million-2011-12-31

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