NEW YORK (GenomeWeb) – Transgenomic today announced its shareholders have approved the previously announced planed merger with Precipio Diagnostics.
More than 90 percent of votes cast by Transgenomic's shareholders gave the go-ahead to the deal at a special shareholders meeting held on Monday, the firm said. Additionally, more than 95 percent of Precipio's voting members approved the merger.
Upon completion of the transaction, privately held Precipio will become a wholly owned subsidiary of Transgenomic. Shares of the new firm, to be called Precipio Inc., will be listed on the Nasdaq under ticker symbol PRPO.
The merger was announced in October. At the time, Transgenomic said the new company would receive up to $7 million from a private placement of preferred convertible securities led by BV Advisory Partners simultaneous to completion of the merger.
Transgenomic added today that it and Precipio continue working to close the combined company's $7 million private placement of preferred convertible securities, and a conversion of all outstanding secured debt into the combined company's preferred convertible securities.
Precipio Founder and CEO Ilan Danieli will be the CEO of the new firm.