Response Genetics, Inc

Canaccord Genuity acts as exclusive financial advisor to Response Genetics, Inc. on its sale to Cancer Genetics, Inc. pursuant to §363 of the U.S. Bankruptcy Code

On October 9, 2015, Response Genetics, Inc. closed on its sale to Cancer Genetics, Inc. (NasdaqCM:CGIX) pursuant to §363 of the U.S. Bankruptcy Code.

During the summer of 2014, in response to its weakening financial condition, and the Company's belief that the industry would consolidate as a result of the rapidly changing marketplace, Response Genetics began exploring strategic alternatives, including potential merger options.  After multiple potential purchasers failed to consummate a transaction, Response Genetics was confronting an impending liquidity crisis.

On July 10, 2015, Response Genetics hired Canaccord Genuity as its sole financial advisor to explore a sale of substantially all of its assets.  Canaccord Genuity succeeded in negotiating a purchase agreement with Cancer Genetics within 30 days of being engaged. 

On August 9, 2015, Response Genetics filed for bankruptcy protection under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.  Cancer Genetics subsequently was designated the stalking horse bidder.  On October 1, 2015, the sale hearing was held and Cancer Genetics was declared the winning bidder.

Response Genetics is a life sciences company engaging in the commercialization, development and sale of molecular diagnostic testing services for cancer.  The Company’s products provide personalized genetic information to help physicians and patients in selecting the optimal treatment. The Company generates revenue through two business segments, (1) ResponseDX® diagnostic tests and (2) clinical trial testing services for pharmaceutical companies.