Interpace Diagnostics Group, Inc. (NasdaqCM:IDXG) acquired BioPharma Business of Cancer Genetics, Inc. for $26.5 million on July 15, 2019. The consideration includes $23.5 million and assumption by IDXG of approximately $5 million of liabilities relating to the BioPharma business, before working capital and closing adjustments. IDXG paid PFG $13.8 million in cash at closing. IDXG also issued a promissory note to CGIX in the amount of $7.7 million. In a related transaction Cancer Genetics, consummated the sale of the assets used in its clinical laboratory business to siParadigm LLC. Cancer Genetics continues to own and operate its Discovery business. Raymond James Financial, Inc. (NYSE:RJF) acted as financial advisor to Cancer Genetics.

Interpace Diagnostics Group, Inc. (NasdaqCM:IDXG) completed the acquisition of BioPharma Business of Cancer Genetics, Inc. on July 15, 2019. BioPharma Business of Cancer Genetics reported net revenue of approximately $15 million in 2018. As of October 17, 2019, Interpace Diagnostics closed the $13 Million Second Tranche Acquisition Financing from Ampersand Capital Partners of overall $27 million Convertible Preferred Stock financing in connection with the acquisition. Approximately $6 million of the second tranche financing is being used to pay down a note due to Cancer Genetics, subject to related contractual adjustments, in connection with the acquisition. Merrill M. Kraines, Esq. of Pepper Hamilton LLP served as legal advisor to Interpace Diagnostics Group. Samiul E. Khan of Lowenstein Sandler LLP served as legal advisor to Cancer Genetics.