Financings In Brief

Genomic cancer test developer Cancer Genetics Inc. expects to net about $42 million through an initial public offering of 4 million shares of common stock at $11-$13 each, according to a May 16 prospectus filed with the Securities and Exchange Commission. A portion of the proceeds are tabbed for ongoing test development, as well as for sales and marketing activities and debt repayment. Headquartered in Rutherford, N.J., the early-stage firm is developing tests for cancers that are difficult to prognose, including hematological, urogenital and HPV-associated cancers. The firm currently offers testing services out of its clinical laboratory accredited under the Clinical Laboratory Improvement Amendments (CLIA), including its MatBA-CLL microarray test for chronic lymphocytic leukemia and MatBA-SLL microarray test for risk stratification in small lymphocytic lymphoma. The company, which also offers non-proprietary oncology test services, generated sales in the first quarter of $835,000 – roughly even with the same quarter last year. As of March 31, the firm had an accumulated deficit of $43.3 million. Upon completion of the IPO, the firm’s shares will trade under the Nasdaq symbol “CGIX.” Underwriters for the offering include William Blair & Company, Robert W. Baird & Company, Needham & Company and First Analysis Securities Corp.

Heart valve repair device developer Mitralign Inc. raises $35 million in a “Series D” private placement led by Forbion Capital Partners, announced May 16. Headquartered in Tewksbury, Mass., Mitralign...