On January 5, 2017, Cancer Genetics, Inc. committed to a reduction in the company's workforce. The majority of the affected employees work in general and administrative or operational support roles. The reduction in workforce is expected to become effective January 5, 2017. The goal of the company's reduction in workforce is to enable the company to achieve greater operational efficiency. In connection with the planned reduction in workforce, the company expects to incur severance charges and the payout of paid-time off of approximately $250,000. The company expects to record the severance costs and make accrued paid time-off payments in the first quarter of 2017.

On January 06, 2017 the company announced a further consolidation and cost reductions in the company's administrative, finance and operational support functions, which management believes will aid in leading the company on a path to profitability. The company has further integrated finance and administrative functions across the US operations and finalized implementation of key financial ERP and HR systems that enable greater efficiency. As a result of the streamlining, the company has implemented a headcount reduction across administrative and support roles, and has restructured functions to achieve greater operational efficiency.

On January 6, 2017, the company announced that as part of the reduction in workforce, Edward J. Sitar will cease to serve as the company's Chief Financial Officer effective February 3, 2017. Mr. Roberts, the Company's Chief Operating Officer and Executive Vice President, Finance, will act as the company's principal financial officer and the company has promoted Victor Cross, MBA, CPA, to the position of principal accounting officer. Mr. Cross joined the company as its controller in October 2016. Prior to joining the company, Mr. Cross worked for Mettler Toledo International from 2015 to October 2016 as the Controller. Prior to that he worked at Bristol-Myers Squibb Company from 2001 to 2015. At Bristol Myers, Mr. Cross held positions of increasing responsibilities, with the most recent role as Financial Controller for their biologics manufacturing and process development operation in Syracuse, NY.