Specialty diagnostics Company Precipio Inc (NASDAQ: PRPO), has announced that as part of management’s appraisal of its present funding provisions, it has ended the equity line financing arrangement it had in place with Lincoln Park Capital. As a result, the company shares fell -5.5140% to end trading Tuesday at $3.77 per share – a net change of $-0.22. Stocks dealt amid $4.65 and $3.76 through the day.
Precipio used the bankrolling agreement to store day-to-day processes and shield its working cash burn vital for its sustained development. However, with the company’s present state – rising incomes, better gross margins, improving cash from gross revenues – joined with our present cash locus, management presently does not forestall the necessity for added capital advances of the kind that Lincoln Park has delivered us.
“I’d like to thank our associates at Lincoln Park Capital for their aid and sustenance of the Company, mainly during the period when this agreement was dire to the Company’s cash requirements,” said Ilan Danieli, Precipio’s CEO. “We are now in a situation where we have considerably stretched our runway, and we forestall that we will have the capability and the capitals to quickly grow the Business without further capital increases to fund continuing processes in the next 24 months.”
Precipio Inc (NASDAQ: PRPO) has built a platform planned to eliminate the difficulty of misdiagnosis by coupling the intelligence, know-how and skill established within educational organizations and conveying quality analytical information to doctors and their patients worldwide, as well as patented products that serve laboratories worldwide. Through its partnerships with world-class educational organizations focusing on cancer research, diagnostics, and treatment, such as the Yale School of Medicine, Harvard’s Dana-Farber Cancer Institute, and the University of Pennsylvania, Precipio bids a new standard of diagnostic correctness empowering the highest level of patient care.