NEW YORK (GenomeWeb) – Precipio announced after the close of the market on Monday the completion of its public offering of securities that raised $2.7 million in gross proceeds.
The company completed its direct offering of 2,748 units, each unit comprising one share of Series C preferred stock, convertible at $1.40 per share, and warrants to purchase up to 1,962.857 shares of common stock at an exercise price of $1.63 per share.
The offering was a follow-on to a previous capital raise during the summer that brought in $6 million. In a statement, Precipio President and CEO Ilan Danieli said that while the initial financing helped jumpstart the firm, "we required more capital to execute on our business plan. We believe this new financing enables us to make significant investments in the R&D and sales and marketing aspects of the business."
Aegis Capital was the sole placement agent for the most recent offering.
Precipio Diagnostics merged with Transgenomic in June and the combined company adopted the Precipio name.