Cancer Genetics, Inc. Leading this effort is Cancer Genetics with … · 2017-12-28 · The market...

EQUITY RESEARCHINITIATION

Jason McCarthy, Ph.D.(212) [email protected]

Jason Kolbert(212) [email protected]

Biotechnology

CGIX - NASDAQ December 7, 2017

Closing Price 12/6/2017 $2.15Rating: Buy12-Month Target Price: $6.0052-Week Range: $1.30 - $5.30Market Cap (M): 52Shares O/S (M): 24.3Float: 87.0%Avg. Daily Volume (000): 101Dividend: $0.00Dividend Yield: 0.00%Risk Profile: SpeculativeFiscal Year End: December

Total Revenues ('000) 2017E 2018E 2019E1Q 6,916A 8,199 10,7692Q 6,600A 8,844 11,2373Q 8,028A 9,602 12,1734Q 9,150 10,782 12,642FY 30,694 37,427 46,821

Total Expenses ('000) 2017E 2018E 2019E1Q 9,767A 10,299 11,8432Q 9,717A 10,905 12,3583Q 11,216A 11,825 13,3884Q 11,963 12,726 13,903FY 42,663 45,755 51,493

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Price (USD) Volume (MM)CGIX

Source: Factset

Cancer Genetics, Inc. BuyAn Emerging Player in Oncology Testing, from Discovery toCommercialization - Initiating with a Buy RatingSummary

• As the paradigm in oncology shifts to immune therapy with CAR-T, PARPs,Checkpoints, and even BTK inhibitors attracting attention, we must not forgetthat it is the advances in diagnostics/theranostics and molecular profiling thatenable guided therapy.

• Leading this effort is Cancer Genetics with its tests and services that generateactionable data for clinicians. Biotech and pharma partners (biopharma) arenow developing novel therapeutics using CGI's technology embedded as partof the trial protocols. Is the revenue meaningful? CGI is on track to generateover $30M in 2017.

• CGI supports over 200 clinical trials and studies, and has contracts with nineof the top biopharma companies. The acquisition of vivoPharm combined withthe launch of AntigenID has expanded testing to discovery and preclinicalstages, translating into a larger market opportunity. Biopharma partnershipsnow make up >50% (and growing) of CGI revenues. Biopharma revenues inthis space now represent up to half of the projected increase ($11B in 2020).As such, we see CGIX as ahead of the growth curve, ideally positioned to bepart of both biopharma and patient diagnostics/theranostics.

• Conclusion: CGIX is an emerging player in the oncology testing spacewith differentiated platforms that continue to be adopted by biopharmaand physicians. Valuation is attractive given the solid annual revenues thecompany has today, which over time should grow substantially.

DetailsA Growing Oncology Testing Market. As new treatments continue to gainapproval, spending on oncology testing will likely grow as well. The market isexpected to reach over $11B in the U.S. by 2020. The testing market is made upof clinical, discovery, and biopharma spending. While each segment is expectedto grow, the most significant growth is expected from biopharma with spending in2020 expected to be $5.4B, vs. $3.7B in 2015. discovery testing is expected to grow$1B, from $800M, and clinical testing to $4.7B from $3.9B. Biopharma companiesare using tests and panels to better design clinical trials and monitor the effects ofexperimental treatments, as well as discover new therapeutic targets. CGI offers aportfolio of tests and panels supporting biopharma companies with services fromdiscovery through treatment.

CGI is Positioned to be a Partner in the Drug Development Process. Thedevelopment of novel targeted therapeutics (CAR-T, Checkpoints, Vaccines, PARPs,BTKs, TKIs, other) requires a deeper understanding at the molecular levelfor selecting the correct targets/antigens, profiling patients that would likely beresponsive to a therapy, and for patient monitoring/treatment decisions. With theacquisition of vivoPharm and the launch of CGI's AntigenID, CGI has expandedtesting to discovery and preclinical stages. Combined with the clinical testingand patient monitoring platforms, CGI is positioned to be a partner in the drugdevelopment process from discovery to commercialization. Biopharma partnershiprevenue is expected to be the most significant revenue driver for the company. Inaddition, CGI may in-license therapeutics from biopharma, which could benefit fromCGI's molecular profiling platforms, essentially rescuing and/or repurposing drugswhere Biopharma/Pharma doesn't have the bandwidth.

Valuation. We model revenue across three platforms: clinical testing, biopharmapartnerships, and discovery/preclinical services. A 30% discount is applied to theFree Cash Flow, Discounted EPS, and Sum-of-the-Parts models, which are equallyweighted to derive a price target of $6.

SEE PAGES 12 - 13 FOR IMPORTANT DISCLOSURES AND DISCLAIMERS

CORPORATE PROFILE

Cancer Genetics, Inc.

201 Route 17 North, 2nd

Floor

Rutherford, NJ 07070

Company Background. Cancer Genetics, Inc. (CGIX) is a leader in the field of personalized medicine,

offering diagnostic products and services that enable precision medicine in the field of oncology.

Products and services being developed at CGIX are poised to transform cancer patient management,

increase treatment efficacy, and reduce healthcare costs. CGIX’s cutting-edge proprietary tests and

state-of-the-art reference laboratory provide critical genomic information where patients and their

physicians need it most – to diagnose, monitor, and inform cancer treatment.

CGIX is committed to maintaining the standard of clinical excellence through its investment in

outstanding facilities and equipment. Their clinical reference laboratory is both CLIA-certified and CAP-

accredited. In addition, we have approvals and accreditations from the states of Florida, Maryland, New

York, California, and New Jersey. Their clinical trial support services and global facilities help biotech

and biopharma companies deliver more personalized treatments to market.

CGIX is focused on delivering products and services that drive the highest levels of patient value. To

achieve this, they have developed a corporate culture that inspires innovation, respects knowledge, and

fosters leadership. Their dedicated staff takes pride in their specialized laboratory services, superior

turnaround time (TAT), enhanced reporting, EMR integration, and ongoing research and development

for new tests. CGIX’s full-service cancer genetic practice and path to innovation with research makes

for optimal patient care management. The company has tests and services that span the drug

development process from discovery and preclinical stages (vivoPharm, AntigenID) to clinical and

commercial stages. CGIX has partnerships with nine of the top 10 biopharma companies and

collaborations with academic/research institutions. With locations in the U.S., India, Australia, and

China, CGIX is helping to empower personalized cancer treatment around the globe.

Senior Management:

Panna Sharma – President and Chief Executive Officer. Mr. Sharma became a member of the board

of directors and Chief Executive Officer in May of 2010. Mr. Sharma was at TSG Partners, a specialty

life sciences consultancy and advisory company, from 2001 to 2010, where he was the Managing

Partner and Founder. At TSG, he led the development of strategic initiatives, corporate growth strategy,

and corporate turnarounds for both public and private companies. He also led over 70 buy and sell-side

transactions for life sciences, healthcare, and biopharma companies. At TSG, he established the Global

Diagnostics Index, the Global Biotools Index, and several other life science capital markets indices that

are still used in the life science industry. Prior to founding TSG, Mr. Sharma was the Chief Strategy

Officer for iXL Enterprises, Inc. (“iXL”).

John A. (Jay) Roberts, MBA – Chief Operating Officer and Executive Vice President, Finance. Mr.

Roberts brings deep operational and financial experience to CGIX with a strong track record of

disciplined growth, operational excellence and shareholder value creation in multiple public and private

healthcare technology and service companies including InfoLogix, AdvantEdge Healthcare Solutions,

Clarient and, most recently, VirMedica. His professional background includes a deep understanding of

clinical and healthcare billing, diagnostics, clinical operations, and healthcare-focused IT. In addition,

Mr. Roberts is a long-standing board member and incoming President-elect of the Drug Information

Association (DIA), a neutral, global nonprofit association focused on advancing health care product

development around the world by connecting stakeholders to interdisciplinary insights and innovation.

Rita Shaknovich, MD, Ph.D. – Chief Medical Officer and Group Medical Director. Dr. Rita

Shaknovich brings over 10 years of experience in Hematopathology, translational research, and

experimental therapeutics. The focus of her research has been in epigenetic mechanisms governing

normal B cell development and lymphomagenesis. Her Ph.D. work and her postdoctoral training

focused on pathobiology of hematologic malignancies. Her laboratory in Weill Cornell Medical

College (WCMC) studied epigenetic mechanisms of gene regulation during normal B cell development

and epigenetic changes that contribute to neoplastic transformation. Her research was funded by such

agencies as NIH, STARR Cancer Consortium, Leukemia and Lymphoma Foundation (LLF), and

Lymphoma Research Foundation (LRF). Dr. Shaknovich received her MD and Ph.D. degrees from the

Medical Scientist training program in Mount Sinai School of Medicine in New York, after which she

completed clinical training in Anatomic Pathology specializing in Hematopathology and finished her

post-doctoral training in the laboratory of Dr. Ari Melnick in Weill Cornell Medical College.

Investment Risk: Cancer

Genetics is not profitable and may not reach profitability if their products/services do not gain adequate market share. Regulatory Risk: Cancer

Genetics’ unapproved products may not meet requirements for regulatory approval. Commercial Risk: Cancer

Genetics’ products may not capture additional market share and may lose market share to competition. Financial Risk: Cancer

Genetics is not profitable and may need to raise capital to fund operations. Ownership:

Institutional: 16% Insiders: 13% Balance Sheet Summary:

Cash: $4.8M (3Q17) Debt: $4.9M Analysts Covering the Stock (other than Maxim): 3

2Maxim Group LLC

Cancer Genetics, Inc. (CGIX)

INVESTMENT SUMMARY

Bull Case. Cancers are heterogeneous at the molecular level and as a result there is significant variability in patient responses to different

therapeutics. As more novel therapeutics continue to emerge, from small molecules and combination therapies to antibodies and CAR-T, the

need for precision diagnostics to assess patient responses has never been greater. As such, diagnostics and therapeutics, which are two very

different spaces, are at times converging to “theranostics,” and this is where bulls see Cancer Genetics as an emerging player. Cancer Genetics

(CGIX) offers proprietary tests across multiple platforms including Next-Gen Sequencing (NGS), Microarray-based comparative genome

hybridization (aCGH), fluorescent in-situ hybridization (FISH), flow cytometry, liquid biopsy, and, most recently, neoantigen discovery with

vivoPharm (acquired August 2017) and AntigenID. Anitgen discovery is a key focus for biopharma to develop novel therapeutics. The oncology

testing market is expected to grow to over $11B by 2020 of which 5B+ is expected to come from the biopharma industry. CGIX supports more

than 200 clinical trials and has contracts with nine of the top 10 biopharma companies, the latter contributing to more than 50% of the company’s

revenue. With testing capabilities spanning discovery and preclinical stages through clinical development and commercialization, it should attract

more partnership opportunities with biopharma. vivoPharm generates $5-6M and is expected to be accretive for CGIX. CGIX’s revenue has

grown from $7M in 2013 to $27M in 2016 and is on track to generate over $30M in 2017. CGIX expects 50-60% of revenue (and growing) to

come from biopharma, meaning that reimbursement risk associated with the clinical testing platform is reduced, representing <50% of revenue.

As revenue continues to build, bulls expect CGIX to reach breakeven in 2020. At $30M+ revenue and 3-5X considered to be “fair value,” there is

upside at the current $60M market capitalization.

Bear Case. CGIX has a broad portfolio of tests generating moderate revenue but the competitive landscape in the diagnostics/theranostics

space may limit the revenue trajectory for CGIX. Growth in the clinical space is dependent on gaining acceptance by hospitals and clinicians,

and other companies with larger sales forces, commercial infrastructure and generally “more resources,” and as such may “out-compete” CGIX.

While some of CGIXs testing platforms are differentiating, like “Tissue of Origin” and other proprietary tests, these alone cannot drive sufficient

revenue. For other tests, competitors’ test panels provide comparable results and services for biopharma partners and physicians. The oncology

testing space is high-spend low-margin, creating a challenging environment for microcap companies, particularly in terms of financing to drive

the company to profitability.

Our Take. Drug development has transcended the period of serendipitous discovery and continues to evolve in the period of “drugs by design.”

Our understanding of cell biology, physiology, and disease, at the molecular level, has grown exponentially and with it our understanding and/or

need to understand how patients may or may not respond to targeted therapeutics. We know that while some patients have improved clinical

outcomes with checkpoint therapies, the majority of patients have poor responses or fail. Another example is with the emergence of PARP

inhibitors, there are specific populations within ovarian cancer or breast cancer that respond better than others. Responses to BTK inhibitors like

Imbruvica or Beigene’s (BGNE - $92.76 – Buy) BGB-3111 vary depending on differential mutations in Waldenstrom Macroglubulinemia. There

are also differential responses to CAR-T and checkpoints, as well as vaccines. The question is why? The answer is encrypted in the molecular

details of the patient, all the way down to the genes, proteins, and unique antigens (i.e. neoantigens in cancer). As such, we are seeing the

merger of cancer diagnostics with cancer therapeutics into theranostics, as well as the emergence of molecular profiling at the

discovery/preclinical stage for drug development. Given the cost of healthcare and the cost of therapies like CAR-T (Kymriah $473K, Yescarta

$373K) and checkpoints (Keytruda/Opdivo/Tecentriq $120K-$150K), hospitals and payers are dialed in. Big Biopharma has invested significantly

in this space to aid in drug development and trial design.

Oncology testing is expected to grow to over $11B by 2020, with over $5B coming from biopharma and it is here where CGIX has a significant

opportunity and is differentiated in the space vs. pure play diagnostic-focused companies. CGIX has the capability to leverage its testing

platforms from the drug discovery phase and preclinical testing (vivoPharm acquisition and AntigenID) to clinical trials and commercialization. As

such, by partnering with biopharma in the early stages of drug development CGIX becomes “embedded” in the process all the way to the

commercial stage. The goal of the company is to become the precision partner of choice for biopharma. The company already has partnerships

with nine top biopharma companies and of its expected $30M+ in revenue in 2017, >50% is from biopharma. Over time CGIX expects

biopharma as a percent of revenues to grow to 60% or more. The acquisition of vivoPharm is also expected to be immediately accretive with

$5M-$6M in revenue. Over time we expect that given CGIX’s capabilities to embed itself into drug development, partnerships could expand to

include milestones and royalties. There are also other opportunities including in-licensing drugs that could benefit from precision molecular

profiling. CGIX is a revenue generating company with a differentiated business model. CGIX could reach breakeven in 2020, possibly earlier. A

$60M market capitalization today and $30M in revenue at 3-5X as fair value points to an undervalued company. Given the size of the

opportunity, particularly with biopharma, we believe this is conservative.

Finances. Cancer Genetics reported 3Q17 net revenue of $8M with a gross margin of 43% and a net loss of $633K. The company has $5M in

cash and $15M in accounts receivable. A $16M equity funding agreement with Aspire Capital was signed in August 2017, $3M in common stock

was purchased at the onset of the agreement. Cancer Genetics acquired vivoPharm, an Australian company focused on early discovery and

development of biopharmaceuticals, for $12M, 90% of which was Cancer Genetics shares and 10% in cash.

3Maxim Group LLC


Exhibit 1. Upcoming Catalysts for Cancer Genetics.

Exhibit 2. Cancer Genetics Pipeline.

From the Bench to the Bedside- CGIX is Integrating into Drug Development

CGIX is a differentiated company in the testing space, focused on integration into the drug development and commercialization process

versus purely diagnostic/theranostic applications. CGIX offers clinical theranostics and diagnostics services to the medical community that

generate over $10M per year and growing. CGIXs testing services span multiple platforms, including Next Generation Sequencing, FISH

(fluorescent in situ hybridization), Microarray-based comparative genome hybridization (aCGH), flow cytometry, and liquid biopsy. The company

already has 21 commercialized tests across blood cancers, solid tumors, and hereditary cancer, and over 100 patents around the world. More

tests are coming to support this division of the company. However, what we want to focus on is the biopharma services division of CGIX. The

shift in drug development from discovery of compounds that have a therapeutic effect, to drugs by design or rational drug development based on

knowledge at the molecular level (proteins, genes, receptors, signaling pathways, regulation, etc.) has created an unmet need in the

biopharma/pharma spaces. Drug development companies need to incorporate testing and molecular diagnostics from the discovery and

development phase, through the clinical trial process and into the post-approval commercialization phases. Why is this? Drugs, including

biologics and cell therapies, are becoming precision therapeutics. Differences between patients at the molecular level, whether it is genes,

proteins, metabolics, or physiology, results in differential responses to new therapeutics. This has become increasingly evident in the immune

oncology space where it has become clearer that checkpoint inhibitors, vaccines, and engineered T cell therapies (CAR-T, TCRs…and other

variations in development) are going to be integrated into the oncology treatment paradigm going forward, likely as combination approaches.

For example, if we look at the checkpoints, mainly PD1 (Keytruda, Opdivo), PD-L1 (Tecentriq), and CTLA4 (Yervoy), (LAG-3, OX-40, IDO and

others are in development) we see that while they have generated billions of dollars already, the therapeutic benefit is only in the minority of

patients, leaving the larger market yet to be unlocked. The response rates vary widely based on indication, but there are differences in patients

at the molecular level that are driving differential responses that are not completely understood. Another example is vaccines. Vaccines for

oncology have demonstrated induction of anti-cancer immune responses but immune suppression in the tumor microenvironment or other

factors may be limiting effectiveness, suggesting that combinations with other therapies may be needed…but with what? A checkpoint? Chemo?

Small molecule? What about selecting the right antigen or combination of antigens? The latter has posed significant challenges in immune

oncology, especially for vaccines. CAR-T is approved for a small subset of B cell cancers, but even in these populations while the efficacy data

has impressed and lives are being saved, others have not experienced as positive a clinical outcome. What about expanding to solid tumors and

Product Geography Indication Event Timeline Impact

AntigenID WW Discovery Commercial Launch 4Q17 complete

vivoPharm platform WW Discovery/preclinical Complete acquisiton, expand services to preclincial/discovery 4Q17 complete

Services WW Drug Development Develop Genetic Couselor Network 2018 +

Hereditary Cancer Testing WW Testing/Diagnsotics Herditary Cancers Expand service offereing 2018 +

Biopharma Services China Drug Development Announce partnership in China 2018 ++

Liquid Biopsy WW Kidney Cancer Commercial Launch 2018 ++

Bioinformatics India Mulitple Develop Bioinformatics Center of Excellence in India 2018 +

Pharmacogenomics Panel WW N/A Commercial Launch 2018 +++

Oncospire Multiple Myeloma WW Multiple Myeloma Commercial Launch 2018 +++

Oncospire Lung Cancer WW Lung Cancer Commercial Launch 2019 +++

Stock Signi ficance Sca le: + of moderate importance; ++ higher level ; +++ very important

Source: Company reports and Maxim Forecasts

Product Geography Indication

AntigenID WW Antigen Discovery

vivoPharm's platforms and services (acquired by CGI 3Q17) WW Drug Discovery, Development

MatBA WW B-Cell Cancers

Focus::Lymphoma WW B-Cell Lymphoma

Myeloid NGS Panels WW AML, MDS, MPN, Other Myeloid Malignancies

UroGenRA WW Kidney Cancer

Focus::Renal WW Renal Cancer

FHACT WW Cervical Cancer

Tissue of Origin WW Unknown Cancer

Focus::Oncomine WW Solid Cancers

Complete::IO WW Multiple Cancers

Liquid::Lung-cfDNA WW Lung Cancer

Focus::Hersite WW Hereditary Breast and Ovarian Cancer

Comprehensive Pharmacogenomics Panel WW Hereditary Cancers

Oncospire Genomics WW Multiple Myeloma

Oncospire Genomics WW Lung Cancer

Source: Company Reports and Maxim

Commercial development Market Entry In MarketResearch & Discovery Clinical Development

4Maxim Group LLC


other blood cancers? The challenges beyond targeting CD19 are significant, including selection of the right antigen or combination of antigens

and the best immune stimulator. Challenges with antigen selection, off targeting (remember CD19 was attractive because both healthy and

cancerous B cells are targeted and eliminated), and conditioning regimens need to be addressed at the molecular level. Drug developers need

to understand more details at the molecular level: precision medicine, precision oncology, clinical applications and genomics, and development

and discovery…this is where CGIX comes in, but let’s better define what we mean by the latter four terms.

Precision medicine, also known as personalized medicine, is an emerging field where patients are separated into different groups

based on their predicted responses to treatments and their risk of disease so that treatment decisions can be tailored to the specifics of

the individual patient. While tailoring treatment to the individual has existed for the duration of the study of medicine, the field has risen

in recent years as new diagnostic and informatics approaches provide a greater understanding of the molecular basis of the patient’s

disease and their genetics. The goal of precision medicine is to deliver the right drug, for the right patient, at the right dose, and at the

right time.1 Precision medicine relies on understanding the factors that make a patient and their disease unique, and as such relies on a

number of molecular profiling tests and genetic sequencing.

Precision oncology is the application of precision medicine to cancer to drive higher standards for patient treatment and therapy

outcomes. Precision medicine is especially important in oncology due to a large variability in response to treatment across different

patients. Cancer is a very heterogeneous disease and even the same types of cancer (i.e. breast cancer, lung cancer, etc.) can arise

from different mutations leading to different clinical outcomes, response to treatment, risks, and prognoses. In some cases there will be

different mutations present within a single tumor.2 Since precision oncology relies heavily on accurate information about the cancerous

tissue, genetic sequencing is a particularly important tool.

Clinical applications of cancer genomics include diagnostics, prognostics, monitoring, and therapeutics. When diagnosing cancer,

early detection is key to improving clinical outcomes, but remains a challenge. In the example of lung cancer patients, between 60%

and 70% are diagnosed with inoperable, advanced stage disease because the malignancy is only detected after symptoms begin to

show.3 Cancer genomics can address this in two ways, by detecting specific cancer biomarkers in circulating DNA, and by pre-

screening for genes associated with a higher risk of cancer, such as a mutation on the BRCA 1 or BRCA 2 genes, which are related to

an increased risk of breast cancer.4 The current method for detecting relapse is high-cost imaging, however, the application of cancer

genomics for monitoring can provide earlier detection by using circulating cell-free DNA as a means to detect a relapse earlier than

possible with CT scan. The end goal of cancer genomics is therapeutic application. There are an increasing number of gene targets for

multiple cancers with approved therapies. Herceptin, for example, is a monoclonal antibody that targets the HER2 protein in patients

where the HER2 gene is overexpressed. Additionally, pharmacogenomics can be used to minimize toxicity to cancer treatments as

certain germline SNPs are known to predict side effects.5

Development/discovery applications include discovery of clinical targets, trials for targeted therapies, and patient selection and

stratification. In the drug discovery process, biomarkers are often used as clinical targets for new treatments. In CML, for example,

during the 1960s, it was discovered that a majority of patients possessed a particular genetic abnormality that created a cancer-

causing gene called BCR-ABL. This was used to stratify patients until drug developers created imatinib, which effectively inhibited the

protein and reduced production of cells with the aforementioned abnormality.6 In clinical trials for targeted therapies, it is necessary to

find patients expressing the particular gene that the therapy targets. Precision oncology necessitates trial designs that allow for greater

treatment heterogeneity. Umbrella trials and Basket trials are specifically designed to test treatments which depend on biomarkers.

Umbrella trials test several different medications on cancers with different biomarkers, in a single cancer type. Basket trials test the

effect of a single drug on a specific biomarker, but across multiple cancer types. Patient stratification is especially applicable in clinical

trials where a treatment may fail to induce remission in the majority or patients and be deemed ineffective even though it has a

profound effect in a small subset of patients. Through a better understanding of the effect of specific mutations on a patient’s risk

profile, drug developers may better select patients likely to benefit from a given treatment.

Market opportunity in cancer testing, biopharma is emerging as the driver: Immune oncology is shifting the paradigm in oncology and by

2020 IO therapies and combination therapies are projected to generate over $200B. No matter what the therapeutic category: immune, small

molecule, chemotherapy, etc., the movement of the oncology space into precision medicine is likely to require oncology testing from the

discovery phase to commercialization, the bulk of which is expected to come from biopharma spending. In 2015, $8.5B was spent on oncology

testing, 10% from discovery/preclinical ($0.8B), 44% from biopharma ($3.7B), and 47% from clinical testing ($4B). By 2020, spending on

oncology testing is expected to grow to $11.2B, with the largest increase from biopharma from $3.7B to $5.4B.

1 Xue, Yuan, and William R. Wilcox. “Changing Paradigm of Cancer Therapy: Precision Medicine by next-Generation Sequencing.” Cancer Biology & Medicine, vol. 13, no. 1, Mar.

2016, pp. 12–18., www.ncbi.nlm.nih.gov/pmc/articles/PMC4850120/. 2 Ibid.

3 Lee, Se-Hoon, et al. “Application of Cancer Genomics to Solve Unmet Clinical Needs.” Genomics & Informatics, vol. 11, no. 4, 2013, p. 174., doi:10.5808/gi.2013.11.4.174.

4 Morris, Joi L., and Ora K. Gordon. Positive Results: Making the Best Decisions When You're at High Risk for Breast or Ovarian Cancer. Prometheus Books, 2010.

5 Ibid.

6 Moen, Marit D, et al. “Imatinib: a Review of Its Use in Chronic Myeloid Leukemia.” Drugs, vol. 67, no. 2, 2007, pp. 299–320.

5Maxim Group LLC


Exhibit 3. Oncology Testing Spend. As shown below spending on oncology testing is expected to grow from $8.5M in 2015 to over $11B by

2020, with the largest increase coming from the biopharma space. Currently, CGIX is partnered with nine of the top 10 biopharma companies

and has 15 active research collaborations with leading institutions. CGIX currently supports over 200 clinical trials and studies.

Source: Cancer Genetics Company Presentation

Exhibit 4. CGIX Tests and Panels Portfolio. CGIX currently has 21 approved genomic tests and panels targeting blood cancers, solid tumors,

and hereditary cancer.


Integrating into the drug development process, the acquisition of vivoPharm and the launch of AntigenID. The development of novel

targeted therapeutics requires molecular testing and identification of novel targets at the discovery and preclinical stages. Diagnostics/testing for

drug development have become critical to the process. In addition to clinical testing and patient monitoring CGIX has expanded its testing

capabilities to discovery and preclinical stages. In August 2017, CGIX acquired vivoPharm, an immune-oncology discovery services company.

vivoPharm is a contract research organization (CRO) that currently services approximately 40 clients, the majority of which are top biopharma

companies. vivoPharm services include xenograft models with over 90+ tumor cell lines, syngeneic tumor models, and cell-based assays. The

company specializes in planning and conducting unique, specialized studies to guide drug discovery and development from compound discovery

through generation of both in vitro and in vivo testing to support IND (Investigational New Drug) applications. vivoPharm’s services have been

used to support over 200 INDs across hematological malignancies, gastrointestinal cancers, pancreatic cancer, lung cancer, and other non-

cancer rare diseases. vivoPharm operates 14,000 square feet of GLP (Good Laboratory Practice) compliant laboratories in Australia, the U.S.,

and Europe, giving the company a global presence in drug development. The company is revenue generating and is expected to be immediately

accretive to CGIX, with $5-$6M in revenue initially.

6Maxim Group LLC


Complementing the acquisition of vivoPharm and CGIXs expansion into early stage drug discovery and development is the launch of AntigenID.

A significant challenge in targeted drug development is the identification of antigens specific to cancer or another disease. The right antigen must

be selected that positions a therapeutic to be effective but also mitigates the risk of off-target effects. AntigenID identifies neoantigens and

neoantigen signatures that can accelerate antigen discovery for immune-oncology drug design. Importantly, molecular profiles of patients vary

and as a result response to targeted therapeutics can and will continue to vary. AntigenID can overcome this with molecular profiling to predict

patient-specific immune therapy responses. Molecular profiling and antigen discovery with AntigenID can also extend into the clinical phase of

development for aiding in the selection of the right patient populations for clinical trials of emerging targeted therapies.

Exhibit 5. From Discovery to Patient Monitoring. The acquisition of vivoPharm and the launch of AntigenID complement CGIX’s clinical and

patient monitoring testing platforms, expanding the company’s capabilities to the entire drug development process: discovery, preclinical, clinical,

commercialization, and patient monitoring.


Exhibit 6. AntigenID. AntigenID is based on neoantigen identification technology that utilizes unique and comprehensive sequencing

combinations (DNA and RNA) combined with bioinformatics to discover novel antigen targets. Identification of the right set of neoantigens that

are potent and generate robust responses should significantly increase the effectiveness of immune-oncology therapies.


7Maxim Group LLC


Exhibit 7. CGIX Biopharma Projects Continue to Grow. In the past year the number of CGIXs projects with biopharma (recall the company

has partnerships with nine of the top 10 biopharmas) increased by 59% from 120 to 191 (3Q17), with an increase of 21 projects in the last

quarter. Of these projects, the most significant year-over-year growth was in the immune oncology space with the number of projects growing by

86% from 28 to 52, including 13 in the past quarter alone.


Exhibit 8. CGIX Revenue Growth. Since 2013, the four-year CAGR for CGIX is 42% with annual revenue growing from $6.6M in 2013 to $27M

in 2016. As of 3Q17, CGIX generated $21.5M and is on track to generate over $30M for the year. CGIXs revenues are 52% biopharma, 36%

clinical testing, and 12% discovery services. The most significant growth is in the biopharma and discovery arms of the company, which are

expected to be key revenue drivers going forward.


8Maxim Group LLC


MODELING ASSUMPTIONS

1. We model revenue three revenue streams: biopharma partnerships, discovery/preclinical services, and clinical testing. Clinical testing

consists of tests and panels for blood cancers and solid tumors.

2. We assume market share for biopharma and discovery/preclinical services based on projected spending in the space.

3. We assume an average price of $2000 for clinical tests and panels with year-over-year increase of 2%.

4. Our model assumes that the proportion of revenue generated from biopharma and discovery/preclinical grows to 70% over time.

5. We assume that spending on testing by biopharmaceutical companies, including for discovery/preclinical services will increase at a rate

of 10% per year.

Exhibit 9. Biopharmaceutical and Discovery/Preclinical Services Market Models

Exhibit 10. Clinical: Blood Cancer Test and Panel Market Model

Exhibit 11. Clinical: Solid Tumor Test and Panel Market Model

Biopharmaceutical Partnerships Market 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

Projected Biopharmaceutical spending on cancer testing ('000) 4,510,000$ 4,977,959$ 5,475,755$ 6,023,331$ 6,625,664$ 7,288,230$ 8,017,053$ 8,818,758$ 9,700,634$ 10,670,698$ 11,737,767$

Increase in annual spending 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

Clinical development (P1, P2, P3, post marketing) market share 0.30% 0.36% 0.35% 0.45% 0.60% 0.70% 0.90% 1.10% 1.30% 1.75% 2.00%

Total revenue from Biopharma ('000) 13,530$ 17,011$ 19,165$ 27,105$ 39,754$ 51,018$ 72,153$ 97,006$ 126,108$ 186,737$ 234,755$

Source: Maxim research

Drug Discovery/Preclinical Services Market 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

Projected Spending on Discovery/Preclinical Cancer Testing ('000) 1,000,000$ 1,100,000$ 1,210,000$ 1,331,000$ 1,464,100$ 1,610,510$ 1,771,561$ 1,948,717$ 2,143,589$ 2,357,948$ 2,593,742$

Increase in annual spending 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

Discovery/preclinical cancer testing market share 0.35% 0.54% 0.75% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.25% 2.50%

Total revenue from Biopharma ('000) 3,500$ 5,732$ 9,075$ 13,310$ 17,569$ 22,547$ 28,345$ 35,077$ 42,872$ 53,054$ 64,844$


Blood Cancer Test and Panel Market 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

Incidence of cancer 1,836,000 1,872,996 1,910,456 1,948,665 1,987,639 2,027,391 2,067,939 2,109,298 2,151,484 2,194,514 2,238,404

Increase in incidence 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Patients with blood cancers(10%) 187,272 191,046 194,867 198,764 202,739 206,794 210,930 215,148 219,451 223,840 228,317

Market penetration 0.9% 1.0% 1.5% 1.9% 2.0% 2.5% 3.0% 4.0% 5.0% 6.0% 7.0%

Total patients tested 1,592 2,714 2,923 3,677 4,055 5,170 6,328 8,606 10,973 13,430 15,982

Average price per test/panel 2,000$ 2,000$ 2,040$ 2,081$ 2,122$ 2,165$ 2,208$ 2,252$ 2,297$ 2,343$ 2,390$

Price Increase 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Total Revenue ('000) 3,184$ 5,428$ 5,963$ 7,651$ 8,606$ 11,192$ 13,973$ 19,383$ 25,208$ 31,472$ 38,200$


Solid Tumor Test and Panel Market 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

Incidence of renal cancer 65,270 66,575 67,907 69,265 70,650 72,063 73,504 74,974 76,474 78,003 79,564

Incidence of unknown origin cancer 34,445 35,139 35,842 36,559 37,290 38,036 38,797 39,573 40,364 41,172 41,995

Incidence of other covered solid tumors 850,323 867,329 884,676 902,370 920,417 938,825 957,602 976,754 996,289 1,016,215 1,036,539

Increase in incidence 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Market penetration (Urogenra - Kidney) 0.50% 0.50% 0.70% 1.00% 1.20% 1.40% 1.50% 1.60% 1.70% 1.80% 2.00%

Market penetration (Tissue of Origin) 1.10% 1.13% 1.40% 2.00% 2.40% 2.80% 3.00% 3.30% 3.50% 4.00% 5.00%

Market penetration (FOCUS::Cancer Hotspot & FOCUS::Oncomine) 0.33% 0.35% 0.40% 0.50% 0.60% 0.70% 0.75% 0.80% 1.00% 1.20% 1.20%

Market pentration other assays (Herditary Cancer, liquid biopsy, cervical screen…other) 0.10% 0.15% 0.18% 0.20% 0.28% 0.30% 0.60% 0.70% 1.00% 1.20% 1.50%

Total patients tested 4,362 4,537 6,064 7,740 9,842 11,462 15,194 17,157 22,639 27,440 31,678

Average price per test/panel 2,040$ 2,081$ 2,122$ 2,165$ 2,208$ 2,252$ 2,297$ 2,343$ 2,390$ 2,438$ 2,487$

Price Increase 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Total Revenue ('000) 8,898$ 9,441$ 12,870$ 16,757$ 21,734$ 25,816$ 34,906$ 40,204$ 54,110$ 66,899$ 78,774$


9Maxim Group LLC


VALUATION

We model revenue across three platforms: clinical testing, biopharma partnerships, and discovery/preclinical services. Clinical testing includes hematology, solid tumors, and hereditary testing as well liquid biopsy. A 30% discount is applied to the Free Cash Flow, Discounted EPS and Sum-of-the-Parts models, which are equally weighted to derive a price target of $6.00.

Exhibit 12. Free Cash Flow Model.

Exhibit 13. Discounted-EPS Model.

Exhibit 14. Sum-of-the-Parts Model.

Average 6

Price Target 5

Year 2018

DCF Valuation Using FCF (mln):

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

units ('000) 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

EBIT (15,803) (16,816) (8,328) (4,672) 2,691 13,187 24,159 43,149 64,635 94,024 138,109 176,453

Tax Rate 0% 0% 0% 0% 0% 0% 0% 0% 2% 5% 8% 10%

EBIT (1-t) (15,803) (16,816) (8,328) (4,672) 2,691 13,187 24,159 43,149 63,342 89,323 127,061 158,808

CapEx (490) (1,192) - - - - - - - - - -

Depreciation - - - - - - - - - - - -

Change in NWC

FCF (16,293) (18,008) (8,328) (4,672) 2,691 13,187 24,159 43,149 63,342 89,323 127,061 158,808

PV of FCF (27,535) (23,410) (8,328) (3,594) 1,592 6,002 8,459 11,621 13,123 14,235 15,576 14,976

Discount Rate 30%

Long Term Growth Rate 1%

Terminal Cash Flow 553,090

Terminal Value YE2027 52,156

NPV 125,820

NPV-Debt

Shares out ('000) 25,557 2027E

NPV Per Share 5

Source: Maxim estimates

Current Year 2018

Year of EPS 2027

Earnings Multiple 10 5.86 5% 10% 15% 20% 25% 30%

Discount Factor 30% Earnings 0 0 0 0 0 0 0

Selected Year EPS 6.21 Multiple 5 20.03 13.18 8.83 6.02 4.17 2.93

NPV 6 10 40.05 26.35 17.66 12.04 8.34 5.86

Source: Maxim estimates 15 60.08 39.53 26.50 18.06 12.51 8.79

20 80.11 52.70 35.33 24.09 16.68 11.72

25 100.14 65.88 44.16 30.11 20.85 14.65

30 120.16 79.06 52.99 36.13 25.02 17.58

35 140.19 92.23 61.82 42.15 29.19 20.51

Discount Rate and Earnings Multiple Varies, Year is Constant

Cancer Gentics, IncLT Gr

Discount

RateYrs to Mkt % Success

Peak Sales

(MM's)Term Value

Clinical testing platform 1% 30% 0 70% $115 $398

NPV $2.73

Biopharma partnerships 1% 30% 0 70% $235 $810

NPV . $5.54

Discovery/preclinical platform 1% 30% 0 70% $65 $224

NPV $1.53

Net Margin 25%

MM Shrs OS (2027E) 26

Total $8

Source: Maxim estimates

10Maxim Group LLC


Cancer Genetics: Income Statement ($000)

.: YE December 31 2016A 1Q17A 2Q17A 3Q17A 4Q17E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E

Revenue: -

Revenue: 27,049 -

Clinical Testing platform (hematology, Solid tumor, other) 2,916 2,700 2,900 3,350 11,866 14,684 18,581 24,080 29,913 36,502 48,195 58,799 78,257 97,059 115,430

Biopharma partnerships (Drug development, Clinical, Post-marketing) 3,500 3,300 4,200 4,500 15,500 17,011 19,165 27,105 39,754 51,018 72,153 97,006 126,108 186,737 234,755

Discovery/Preclinical Services 500 600 928 1,300 3,328 5,732 9,075 13,310 17,569 22,547 28,345 35,077 42,872 53,054 64,844

Net revenue 27,049 6,916 6,600 8,028 9,150 30,694 37,427 46,821 64,495 87,237 110,067 148,694 190,882 247,238 336,850 415,029

Collaborative revenue: -

-

- - - - - - - - - - -

- - - - - - - - - - -

Total Collaborative Revenue - - - - - - - - - - - - - - - -

Total Revenue 27,049 6,916 6,600 8,028 9,150 30,694 37,427 46,821 64,495 87,237 110,067 148,694 190,882 247,238 336,850 415,029

Expenses:

Costs of Goods Sold 17,104 4,209 4,034 4,588 5,216 18,047 20,585 25,752 35,472 47,108 58,336 77,321 97,350 123,619 168,425 207,514

%COGS 57% 57% 57% 55% 55% 55% 54% 53% 52% 51% 50% 50% 50%

Research and Development 5,967 1,110 989 981 1,001 4,081 4,081 4,081 4,081 4,081 4,081 4,081 4,081 4,081 4,081 4,081

%R&D

General and Administrative 16,034 3,477 3,529 4,346 4,433 15,785 16,101 16,423 16,751 17,086 17,428 17,776 18,132 18,495 18,864 19,242

%G&A - - - - - - - - - -

Sales and Marketing 4,668 971 1,165 1,301 1,314 4,751 4,989 5,238 5,500 5,775 6,064 6,367 6,685 7,019 7,370 7,739

%G&A

Total Expenses 43,773 9,767 9,717 11,216 11,963 42,663 45,755 51,493 61,804 74,049 85,908 105,544 126,248 153,213 198,740 238,576

Operating Income (Loss) (16,724) (2,851) (3,117) (3,188) (2,813) (11,969) (8,328) (4,672) 2,691 13,187 24,159 43,149 64,635 94,024 138,109 176,453

- - - - - - - - - - -

Interest expense (454) (194) (253) (350) (797) - - - - - - - - - -

Interest Income 23 17 10 10 37 - - - - - - - - - -

Change in fair value of acquisition note payable 1,525 (232) 13 105 (114) - - - - - - - - - -

Change in fair value of warrant liability 152 (7,294) 577 2,790 (3,927) - - - - - - - - - -

Other Expense (325) (46) (46) - - - - - - - - - -

Total Other Income 921 (7,749) 347 2,555 - (4,847) - - - - - - - - - -

Pretax Income (15,803) (10,600) (2,770) (633) (2,813) (16,816) (8,328) (4,672) 2,691 13,187 24,159 43,149 64,635 94,024 138,109 176,453

Taxes on income (970) - - - (970) - - - - - - 1,293 4,701 11,049 17,645

Tax Rate 2% 5% 8% 10%

GAAP Net Income (Loss) (15,803) (9,630) (2,770) (633) (2,813) (15,846) (8,328) (4,672) 2,691 13,187 24,159 43,149 63,342 89,323 127,061 158,808

Total comprehensive loss (15,803) (9,630) (2,770) (633) (2,813) (15,846) (8,328) (4,672) 2,691 13,187 24,159 43,149 63,342 89,323 127,061 158,808

GAAP-EPS (1.00) (0.51) (0.14) (0.03) (0.12) (0.80) (0.35) (0.19) 0.11 0.53 0.96 1.72 2.51 3.52 4.99 6.21

GAAP-EPS (Dil) (1.00) (0.51) (0.14) (0.03) (0.12) (0.80) (0.35) (0.19) 0.11 0.53 0.96 1.72 2.51 3.52 4.99 6.21

Wgtd Avg Shrs (Bas) - '000s 15,861 18,904 19,697 21,577 22,599 20,694 23,656 24,753 24,852 24,952 25,052 25,152 25,253 25,354 25,455 25,557

Wgtd Avg Shrs (Dil) - '000s 15,861 18,904 19,697 22,359 22,599 20,694 23,656 24,753 24,852 24,952 25,052 25,152 25,253 25,354 25,455 25,557

Source: Company reports and Maxim

11Maxim Group LLC


DISCLOSURES

Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17

$14

$12

$10

$8

$6

$4

$2

$0

Cancer Genetics, Inc. Rating History as of 12/06/2017

Closing Price Target Price

powered by: BlueMatrix

Maxim Group LLC Ratings Distribution As of: 12/06/17

% of CoverageUniverse with Rating

% of Rating for which FirmProvided Banking Services

in the Last 12 months

BuyFundamental metrics and/or identifiable catalysts exist such that weexpect the stock to outperform its relevant index over the next 12 months.

81% 39%

HoldFundamental metrics are currently at, or approaching, industry averages.Therefore, we expect this stock to neither significantly outperform norunderperform its relevant index over the next 12 months.

17% 17%

SellFundamental metrics and/or identifiable catalysts exist such that weexpect the stock to underperform its relevant index over the next 12months.

*See valuation section for company specific relevant indices

2% 25%

I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security andissuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressedin this research report.

I, Jason Kolbert, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer.Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed inthis research report.

The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors,including the firm’s total revenues, a portion of which is generated by investment banking activities.

Maxim Group makes a market in Cancer Genetics, Inc.

Maxim Group expects to receive or intends to seek compensation for investment banking services from Cancer Genetics, Inc. in thenext 3 months.

CGIX: For Cancer Genetics we use the BTK (Biotechnology Index) as the relevant index.

Valuation MethodsCGIX: We model three revenue streams for Cancer Genetics: clinical tests and panels, biopharma partnerships, and discovery/preclinical services.A 30% discount is applied to the Free Cash Flow, Discounted EPS, and Sum-of-the-Parts Models, which are equally weighted to derive a 12-month price target.

12Maxim Group LLC


Price Target and Investment RisksCGIX: Aside from general market and other economic risks, risks particular to our price target and rating for Cancer Genetics include: 1) Noassurances of commercial success in the diagnostics market; 2) No assurances of regulatory approval(s) and/or timing of such; 3) The companymay need to raise additional capital to finance operations.

RISK RATINGS

Risk ratings take into account both fundamental criteria and price volatility.

Speculative – Fundamental Criteria: This is a risk rating assigned to early-stage companies with minimal to no revenues, lack of earnings, balancesheet concerns, and/or a short operating history. Accordingly, fundamental risk is expected to be significantly above the industry. Price Volatility:Because of the inherent fundamental criteria of the companies falling within this risk category, the price volatility is expected to be significant with thepossibility that the investment could eventually be worthless. Speculative stocks may not be suitable for a significant class of individual investors.

High – Fundamental Criteria: This is a risk rating assigned to companies having below-average revenue and earnings visibility, negative cashflow, and low market cap or public float. Accordingly, fundamental risk is expected to be above the industry. Price Volatility: The price volatility ofcompanies falling within this category is expected to be above the industry. High-risk stocks may not be suitable for a significant class of individualinvestors.

Medium – Fundamental Criteria: This is a risk rating assigned to companies that may have average revenue and earnings visibility, positive cashflow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to approximate the industry average.

Low – Fundamental Criteria: This is a risk rating assigned to companies that may have above-average revenue and earnings visibility, positivecash flow, and is fairly liquid. Accordingly, both price volatility and fundamental risk are expected to be below the industry.

DISCLAIMERS

Some companies that Maxim Group LLC follows are emerging growth companies whose securities typically involve a higher degree of risk andmore volatility than the securities of more established companies. The securities discussed in Maxim Group LLC research reports may not besuitable for some investors. Investors must make their own determination as to the appropriateness of an investment in any securities referred toherein, based on their specific investment objectives, financial status and risk tolerance.

This communication is neither an offer to sell nor a solicitation of an offer to buy any securities mentioned herein. This publication is confidentialfor the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or disclosed to another party, withoutthe prior written consent of Maxim Group, LLC (“Maxim”).

Information and opinions presented in this report have been obtained or derived from sources believed by Maxim to be reliable, but Maxim makesno representation as to their accuracy or completeness. The aforementioned sentence does not apply to the disclosures required by FINRA Rule2241. Maxim accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability doesnot apply to the extent that such liability arises under specific statutes or regulations applicable to Maxim. This report is not to be relied upon insubstitution for the exercise of independent judgment. Maxim may have issued, and may in the future issue, other reports that are inconsistent with,and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analyticalmethods of the analysts who prepared them and Maxim is under no obligation to ensure that such other reports are brought to the attention ofany recipient of this report.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, ismade regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date of publicationby Maxim and are subject to change without notice. The price, value of and income from any of the securities mentioned in this report can fall aswell as rise. The value of securities is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of suchsecurities. Investors in securities such as ADRs, the values of which are influenced by currency volatility, effectively assume this risk. Securitiesrecommended, offered or sold by Maxim: (1) are not insured by the Federal Deposit Insurance Company; (2) are not deposits or other obligationsof any insured depository institution; and (3) are subject to investment risks, including the possible loss of principal invested. Indeed, in the caseof some investments, the potential losses may exceed the amount of initial investment and, in such circumstances, you may be required to paymore money to support these losses.

ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST

13Maxim Group LLC


Corporate Headquarters The Chrysler Building

405 Lexington Ave., 2nd FL

New York, NY 10174

Tel: 212-895-3500

Capital Markets/Syndicate: 212-895-3695 Global Equity Trading: 212-895-3623

Corporate Finance: 212-895-3811 Institutional Sales: 212-895-3745

Equity/Options Trading: 212-895-3790 Institutional Sales Trading: 212-895-3873

Equity Research: 212-895-3736 Prime Brokerage: 212-895-3755

Event Driven/Risk Arb Group: 212-895-3878 Wealth Management: 212-895-3624

Fixed Income Trading: 212-895-3875

Woodbury, Long Island Red Bank, New Jersey

20 Crossways Park Drive North 246 Maple Avenue

Suite 304 Red Bank, NJ 07701

Woodbury, NY 11797 Tel: 732-784-1900

Tel: 516-393-8300

San Francisco, Bay Area Boca Raton, Florida 3732 Mt. Diablo Blvd 105 S Narcissus Avenue Suite 158 Suite 202 Lafayette, CA 94546 Boca Raton, Fl 33401

Tel: 415-762-0114 Tel: 561-465-2605

Cancer Genetics, Inc. Leading this effort is Cancer Genetics with … · 2017-12-28 · The market...

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