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Precipio Diagnostics Prices $2.7M Direct Offering

NEW YORK (GenomeWeb) – Precipio Diagnostics announced today that it has priced a $2.7 million registered direct offering of equity units.

According to the company, it will offer for sale 2,748 units, each consisting of one share of Series C preferred stock convertible at $1.40 per share, and warrants to purchase up to roughly 1.9 million shares of common stock at an exercise price of $1.63 per share.

Aegis Capital is acting as the sole placement agent for the offering, which is expected to take place on or around Nov. 6.

New Haven, Connecticut-based Precipio offers molecular diagnostic tests for cancer and a service called SmartPath, which matches a patient and their treating physician with an academic expert from the Yale School of Medicine to provide a second-opinion pathology report. It recently acquired Transgenomic and its ICE COLD-PCR diagnostics platform.

During midday trading on the Nasdaq, shares of Precipio were down 15 percent to $1.38.