The Salt Lake City-based company said it would use the $18.4 million in expected gross aggregate proceeds for product pipeline development and customer growth.
The company said that its board will decide the ratio and timing of the split, which will cure a previously announced authorized share failure.
In the quarter, the firm submitted two assays for 510(k) approval and increased its customer base and adoption of its Group B Strep assay.
Nasdaq told the company that it fails to meet requirements calling for a minimum $35 million market value of listed securities and a $1 minimum bid price on its shares.
The molecular diagnostic test detects Shiga toxin-producing E. coli and the serotype O157 directly from a patient specimen.
The molecular diagnostics firm has retained Roth Capital Partners as financial advisor to assist in restructuring Series C Warrants issued in March.
If approved, the multiplex Staph panel will grow the firm's menu of assays on its molecular platform to three.
During the quarter the firm received 510(k) clearance from the US Food and Drug Administration for its Group B Strep test.
The partners will develop a multiplexed nucleic acid-based assay to detect carbapenem-resistant Enterobacteriaceae from whole blood samples.
At a meeting this week, researchers and others discussed the regulatory oversight needed for germline genome editing.
The US Food and Drug Administration has asked questions about Myriad Genetics' GeneSight test, according to Bloomberg.
Researchers report that neutrophil extracellular traps appear to binds gallstones together, according to New Scientist.
In Science this week: approach to infer genotype-by-environment interaction from genetic variants associated with phenotypic variability, and more.