Precipio

The cancer diagnostics developer said it was undertaking the reverse stock split in order to meet the Nasdaq's $1 minimum bid price requirement.

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In a filing with the US Securities and Exchange Commission this week, Precipio said that it amended and restated an earlier securities purchase agreement with investors, The amendment enables it to issue up to $1.3 million of additional notes with applicable warrants, based on substantially the same terms and conditions as the notes and warrants granted in connection with the prior securities purchase agreement.

The university will use the technology to screen blood samples for certain clinically actionable mutations in non-small cell lung cancer patients.

Precipio said that its ICE COLD-PCR reagents will be sold with PerkinElmer's DNA/RNA extraction and isolation products.

The revenue growth was fueled by continued volume increases in Precipio's pathology services unit, which benefited from a recently expanded sales team.

The company had been warned in March that it failed to meet a listing requirement calling for a minimum $1 per share closing price of its common stock.

The company, which merged with Transgenomic in 2016, attributed the revenue increase to strong demand for its pathology services.