August 14, 2017 / 9:13 PM / 2 years ago

BRIEF-Cancer Genetics to acquire vivoPharm

Aug 14 (Reuters) - Cancer Genetics Inc-

* Cancer Genetics announces transformative and accretive acquisition of vivoPharm, a global oncology & immuno-oncology discovery services company

* Cancer Genetics Inc - entered into a definitive agreement for cancer genetics to acquire vivoPharm for approximately $12 million usd

* Cancer Genetics Inc - Brandt will become president of discovery & early development services at CGI upon completion of acquisition

* Cancer Genetics - purchase price is about$12 million, which will include usd $1.2 million in cash and remaining 90% will be shares of CGI common stock

* Cancer Genetics Inc - transaction has been approved by boards of directors of both companies

* Cancer Genetics Inc - acquisition is expected to be immediately accretive, adding both revenue and income

* Cancer Genetics Inc - additionally on August 14, cgi entered into an equity financing arrangement for up to usd $16 million to fund acquisition

* Cancer Genetics Inc - initial tranche of funding will be usd $3 million, additional tranches can be accessed by CGI at co’s discretion over next 2 years Source text for Eikon: Further company coverage:

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