NEW HAVEN, Conn., Dec. 04, 2018 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced today that it has entered into a $1.2 million Securities Purchase Agreement with several existing investors, as well as two members of its Board of Directors. The financing is expected to be in two tranches, the first tranche of $600,000 expected to close this week.
“We are encouraged by the endorsement of our investors, and in particular the support of two members of our Board of Directors, who have again demonstrated their support of the company as we continue to grow the business, and refine our suite of products and services for the cancer diagnostics market,” said Ilan Danieli, CEO of Precipio. “This financing will allow us to further build on the momentum we have achieved over the past year, and expand the recognition we have received from a wide range of industry stakeholders receptive to the potential advantages our technology can bring to cancer care.”
Terms of the Agreement
On November 29, 2018, the Company entered into an agreement which provides for the issuance of up to $1.2M in additional notes, together with applicable warrants. The terms of this note are substantially the same terms and conditions as the prior notes and warrants granted in April 2018. The current notes and warrants were subscribed for by the investors that previously participated in the prior note, as well as new investors, including the two members of the company’s Board of Directors.
Additional details can be found in the company’s 8-K filing by clicking here.
Precipio has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment such as the Yale School of Medicine and Harvard’s Dana-Farber Cancer Institute, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to ICP technology, including financial projections related thereto and potential market opportunity, plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s definitive proxy statement filed on May 29, 2018, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 and on the Annual Report on Form 10-K for the year ended December 31, 2017 as well as the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.