Amendment to Credit Agreement between Cancer Genetics, Inc. and DAM Holdings, LLC (March 19, 2013)
Cancer Genetics, Inc. and DAM Holdings, LLC have agreed to amend their existing Credit Agreement and related $3,000,000 promissory note. The amendment extends the maturity date from April 1, 2013, to August 15, 2013. All other terms of the original agreement and note remain unchanged. This amendment is intended to support Cancer Genetics, Inc.'s initial public offering. Both parties have signed to confirm their acceptance of these changes.
Exhibit 10.70
March 19, 2013
DAM Holdings, LLC
1418 N. Lakeshore Drive, Suite 29
Chicago, IL 60610
Attention: Matthew Bluhm
Re: | Credit Agreement with Cancer Genetics, Inc., as amended |
Dear Matthew:
This letter agreement will memorialize your agreement with respect to that certain Credit Agreement, dated as of March 23, 2011, by and between Cancer Genetics, Inc., a Delaware corporation (the Company), and DAM Holdings, LLC (the Lender), as amended by that certain Amendment to Credit Agreement, dated March 9, 2012 (as amended, the Credit Agreement) and the Promissory Note issued pursuant to the Credit Agreement in the principal amount of $3,000,000, dated March 23, 2011 (the Note). The promises set forth in this letter agreement are made to induce us and our underwriters to proceed with the Companys initial public offering, which is also beneficial to you.
You hereby irrevocably agree to amend Section 8 of the Credit Agreement by replacing the portion of the definition of Maturity Event that provides April 1, 2013 with August 15, 2013. Other than as specifically set forth in this letter agreement, all other terms of the Credit Agreement and the Note are and will remain unchanged and in full force and effect.
Very truly yours, | ||
Cancer Genetics, Inc. | ||
By: | /s/ Panna L. Sharma | |
Panna L. Sharma | ||
President and CEO |
Agreed to and Accepted by: | ||
DAM HOLDINGS, LLC | ||
By: | /s/ Matthew Bluhm | |
Name: | Matthew Bluhm | |
Title: | President |