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.

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.

The suit alleged that Precipio failed to meet the obligations of a securities agreement signed by Transgenomic, which it acquired last year.

The suit alleges that Precipio is required to pay more than $2 million in debt owed by Transgenomic, which it acquired last year.