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: