OMAHA, Neb.--(BUSINESS WIRE)--Transgenomic Inc. (OTCQB:TBIOD) today announced that it is advancing its previously announced plans for relisting on the NASDAQ Capital Market. After receiving shareholder approval, the company implemented a reverse split of its shares on June 13, 2017, in order to meet NASDAQ relisting requirements of a closing share price at or above $4.00 for five consecutive trading days. Other relisting requirements involve shareholder equity. Upon the completion of the merger between Transgenomic and Precipio Diagnostics, which is expected to occur in the next few days, the companies believe that the combined entity will satisfy the NASDAQ relisting requirements.
Paul Kinnon, President and CEO of Transgenomic, said, “The management teams of the two merger partners have been working diligently together with NASDAQ representatives with the goal of immediate relisting upon the closing.”
Ilan Danieli, CEO of Precipio, said, “We view relisting on NASDAQ as an essential step in our strategy to leverage the complementary strengths of our combined companies to achieve sustained and substantial growth. We believe that the post-merger company, which will be known as Precipio, will be well-positioned to build a leadership position in the rapidly expanding new global markets for liquid biopsy and precision medicine.”
Transgenomic Inc. is a global biotechnology company advancing personalized medicine in oncology and inherited diseases through advanced diagnostic technologies, such as its revolutionary ICE COLD-PCR, which enables use of liquid biopsies for mutation detection. The company also provides specialized clinical and research services to biopharmaceutical companies developing targeted therapies. Transgenomic’s diagnostic technologies are designed to improve medical diagnoses and patient outcomes.
About Precipio Diagnostics
Precipio Diagnostics has built a platform to harness the intellect, expertise and technology developed within academia, delivering quality diagnostic information to physicians and patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, and its experience delivering quality service, Precipio Diagnostics offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, visit precipiodx.com.
Certain statements in this press release constitute “forward-looking statements,” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management's current views regarding the relisting of its common stock on NASDAQ, and views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets, expectations regarding new clients, projects and prospects to accelerate the Company’s growth and generate revenue. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic's filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.