RUTHERFORD, N.J., Dec. 9, 2014 (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 $570,000 tax credit from the New Jersey Technology Business Tax Certificate Transfer Program for the year 2014. The company anticipates that it will be able to transfer this credit and receive approximately $530,000 in cash in mid-December.
The program, which is sponsored by the New Jersey Economic Development Authority (EDA), provides up to $60 million each year to eligible New Jersey-based technology and biotechnology companies to support job creation and innovation.
"We want to thank NJEDA for recognizing us once again as a promising and innovative company," stated Panna Sharma, CEO of Cancer Genetics, Inc. "Receiving $530,000 in non-dilutive financing is a welcome boost to our healthy balance sheet. We are proud to be part of the NJ biotechnology community and appreciate the state's strong support of growth industries that are essential for job growth and innovation."
About Cancer Genetics
Cancer Genetics Inc. is an emerging leader in DNA-based cancer diagnostics, servicing some of the most prestigious medical institutions in the world. Our tests target cancers that are difficult to diagnose and predict treatment outcomes. These cancers include hematological, urogenital and HPV-associated cancers . We also offer a comprehensive range of non-proprietary oncology-focused tests and laboratory services that provide critical genomic information to healthcare professionals, as well as biopharma and biotech companies. Our state-of-the-art reference labs are focused entirely on maintaining clinical excellence and are both CLIA certified and CAP accredited and have licensure from several states including New York State. We have established strong research collaborations with major cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.
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Forward Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for Cancer Genetics, Inc. products and services, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, risks of cancellation of customer contracts or discontinuance of trials, risks that the transaction will not close or, if it closes, will not realize the currently anticipated benefits, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, maintenance of intellectual property rights and other risks discussed in the Company's Form 10-K for the year ended December 31, 2013 and 10-Q for the quarter ended September 30, 2014 along with other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Cancer Genetics disclaims any obligation to update these forward-looking statements.
Media Relations Paul Kuntz RedChip Companies, Inc. 800-733-2447, ext. 105 Investor Relations Michael Rice LifeSci Advisors, LLC 646-597-6997
