NEW HAVEN, Conn. & OMAHA, Neb.--()--Precipio Diagnostics, LLC and Transgenomic Inc. (OTCQB: TBIOD) today announced the closing of their previously announced merger. In connection with the transaction, Transgenomic has changed its name to Precipio, Inc. Precipio’s common stock is expected to commence trading on The NASDAQ Stock Market under the new ticker symbol “PRPO” upon the opening of trading on June 30, 2017, or soon thereafter.
The company will operate under the leadership of Ilan Danieli, Chief Executive Officer; Carl Iberger, Chief Financial Officer; and Steve Miller, Chief Commercial Officer. The Board of Directors of Precipio will initially be comprised of five directors: Robert Patzig will remain as Chairman of the Board, together with Michael Luther, one of Transgenomic’s existing board members. Samuel Riccitelli, Mark Rimer and Ilan Danieli together comprise the remaining members of the board. Precipio’s corporate headquarters is in New Haven, Connecticut. “The union of Precipio and Transgenomic enables us to fulfill our vision of a world-class, innovative company dedicated to eradicating the pervasive problem of disease misdiagnosis,” said Ilan Danieli, CEO of Precipio. “We believe that the combination of Precipio and Transgenomic can transform medical care by leveraging Precipio’s unique diagnostic platform with Transgenomic’s enabling technology for DNA liquid biopsies to deliver better and more accurate diagnostic information to physicians and their patients worldwide.” Terms of the merger include the initial closing on a $1.2 million private placement of preferred and convertible securities, out of a total authorized amount of up to $7 million in preferred equity. Istar drummer 1.14 free download for mac. Simultaneous with the merger, holders of more than $14 million in secured debt have converted into equity, providing the combined company with a stronger balance sheet.
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“Completion of our merger marks an exciting new chapter in the history of our companies. Precipio and Transgenomic’s teams have already accomplished a great deal in our shared drive to ensure that the new Precipio is primed for growth.
We look forward to sharing more details on our plans and milestones in the coming weeks,” Mr. Danieli concluded. Over the course of the past few months, in anticipation of the contemplated merger, both companies have undertaken a rigorous cost-cutting project to reduce the combined companies’ historical burn rate. Post-merger, management anticipates the new organization will be a leaner, more capital-efficient organization.