Omaha, NB and New Haven, CT 10/12/16—Publicly listed Transgenomic, a provider of research and diagnostic technologies for personalized medicine, has agreed to merge with diagnostic information firm Precipio Diagnostics. Precipio shareholders are expected to receive 62%–80% of the combined company’s shares, which will be listed on the NASDAQ exchange. Precipio will become a subsidiary of Transgenomic, and the combined company will be named Precipio. Prior to the merger, Transgenomic will complete a reverse stock split of between 1-for-10 and 1-for-30. The combined company will receive a $7 million investment from a syndicate led by BV Advisory Partners. “This is a good time to join forces with Precipio, which shares our commitment to accurate and timely advanced cancer diagnostics and has established an impressive infrastructure of academic experts and a growing customer base, validated by successful case studies,” stated Transgenomic President and CEO Paul Kinnon. “Precipio’s platform of leading academic cancer experts provides superior diagnostic accuracy level to oncologists and their patients; it represents a unique resource that can benefit from and leverage the power of ICE COLD-PCR,” commented BV Advisory Partners Founder Keith Barksdale. Ilan Danieli, Precipio founder and CEO, will serve as CEO of the combined company.

Precipio Diagnostics offers cancer diagnostics testing services utilizing partnerships with academic researchers to ensure accurate diagnoses. Transgenomic’s ICE COLD-PCR technology provides tumor profiling using circulating DNA. The merger provides Transgenomic with cash, as the company had cash and cash equivalents of $0.4 million as of June 30, and enables Precipio Diagnostics to become a publicly listed company.