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Transgenomic Closes Bridge Financing

NEW YORK (GenomeWeb) – Transgenomic said today that it has received $1.15 million in proceeds from a note bridge financing.

The company will use the funds to complete its merger with Precipio Diagnostics, which is expected to close in the second quarter. The companies announced the intended merger, which will make Precipio a wholly owned subsidiary of Transgenomic, in October.

As part of the financing, Transgenomic agreed to loan 50 percent of the net proceeds from the sale of the bridge notes to Precipio upon substantially the same terms and conditions as the bridge notes. Transgenomic may receive additional investments of up to $100,000 in connection with the financing. Aegis Capital acted as placement agent for the financing.

Precipio is based in New Haven, Connecticut and offers cancer molecular diagnostic tests. The firm also offers a service called SmartPath, which matches a patient and their treating physician with an academic expert from the Yale School of Medicine to provide a second-opinion pathology report.