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Cancer diagnostics firm makes $4.75M purchase

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A Rutherford-based cancer diagnostics company on Monday signed a non-binding letter of intent to purchase a pharmacogenomics solutions firm for about $4.75 million.

Cancer Genetics Inc. would pay $3.25 million in cash and $1.5 million in stock, plus up to $1.5 million in performance incentives, to acquire privately held Gentris Corporation. The deal is expected to close during the third quarter of 2014, subject to a definitive agreement.

"Gentris has world class expertise in pharmacogenomics that will be highly complementary to our existing oncology diagnostic business," Panna Sharma, CEO of Cancer Genetics, said in a news release. "We view this acquisition as part of our long-range strategic plan to deepen our capabilities in developing unique and individualized treatment insights in oncology.”


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