Transgenomic

More than 90 percent of voting Transgenomic shareholders gave the go-ahead to the deal. Upon completion of the merger, the new firm will take on the Precipio name. 

The company will use the funds to complete its merger with Precipio Diagnostics, which is expected to close in the second quarter.

The firm said that its shares will begin trading on the OTCQB exchange starting on Feb. 22.

LifeLabs will have a non-exclusive license to the technology and use it in its mutation enrichment platform for cancer testing.

Under the agreement, Precipio would become a wholly owned subsidiary of Transgenomic, which would then adopt the new name Precipio.

JoyingBio will distribute Transgenomic's multiplexed ICE COLD-PCR kits in China and Biotron Healthcare will do the same in India.

The agreement gives Ventana access to results from a collaboration and licensing agreement that Transgenomic made separately with the University of Melbourne.

The firm's labs services revenues were unchanged, but it saw a slight increase in sales mainly from higher oncology revenue and grants.

The kits are based on the company's ICE-COLD PCR technology and enable the detection of genetic mutations in any type of sample.

The deal marks the latest in a string of agreements Transgenomic has signed for its non-core assets as it focuses on ICE-COLD PCR molecular diagnostics.

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