Cancer Genetics to merge with NovellusDx

Cancer Genetic and NovellusDx announced the signing of a definitive agreement under which NovellusDx will merge with a newly formed Israeli subsidiary of Cancer Genetics and shareholders of NovellusDx will receive stock equal to approximately 49% of the equity of Cancer Genetics on a fully diluted basis. Cancer Genetics will be the surviving entity and expects to remain listed on the Nasdaq Stock Market. This transaction will combine Cancer Genetics’ scale, test portfolio and broad data set related to tumor biology, cultivated over more than a decade, with NovellusDx’s proprietary technology and machine learning capabilities to form a leading, oncology-focused precision medicine company. The aim of the combined company is to accelerate and enhance therapeutic development, effectively matching patients to targeted therapies to improve treatment success rates for biopharma companies. The boards of both companies have approved the proposed merger, which is expected to close in Q1, subject to the approval of Cancer Genetics’ and NovellusDx’s shareholders, tax regulatory approvals, financing, and other customary closing conditions.
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