Precipio Terminates its Equity Line
June 15 2021 - 11:00AM
Specialty diagnostics Company Precipio, Inc. (NASDAQ: PRPO),
announces that as part of management’s review of its current
financing arrangements, it has terminated the equity line financing
structure it had in place with Lincoln Park Capital.
The equity line was used by Precipio to fund
day-to-day operations and cover its operational cash burn that was
required for the Company’s continued growth. With the Company’s
current situation - growing revenues, improved gross margins,
improving cash from gross profits - combined with our current cash
position, management currently does not anticipate the need for
additional capital raises of the type that Lincoln Park has
provided us.
“I’d like to thank our friends at Lincoln Park
Capital for their help and support of the Company, particularly
during the periods where this arrangement was critical to the
Company’s cash needs,” said Ilan Danieli, Precipio’s CEO. “We are
now in a position where we have significantly extended our runway,
and we anticipate that we will have the ability and the resources
to rapidly grow the Company without further capital raises to fund
ongoing operations in the next 24 months.”
About Precipio
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, as well as proprietary products that serve
laboratories worldwide. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment such as the Yale School of Medicine, Harvard’s
Dana-Farber Cancer Institute, and the University of Pennsylvania,
Precipio offers a new standard of diagnostic accuracy enabling the
highest level of patient care. For more information, please visit
www.precipiodx.com.
Please follow us on Twitter @PrecipioDx and on
Facebook.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including, among others, statements related to
the expected or potential impact of the novel coronavirus
(COVID-19) pandemic, and the related responses of the government,
consumers, and the Company, on our business, financial condition
and results of operations, and any such forward-looking statements,
whether concerning the COVID-19 pandemic or otherwise, involve
risks, assumptions and uncertainties. Except for historical
information, statements about future volumes, sales, growth, costs,
cost savings, margins, earnings, earnings per share, diluted
earnings per share, cash flows, plans, objectives, expectations,
growth or profitability are forward-looking statements based on
management’s estimates, beliefs, assumptions and projections. Words
such as “could,” “may,” “expects,” “anticipates,” “will,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “predicts,” and variations on such words, and
similar expressions that reflect our current views with respect to
future events and operational, economic and financial performance,
are intended to identify such forward-looking statements. These
forward-looking statements are only predictions, subject to risks
and uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management’s
expectations, or could affect the Company’s ability to achieve its
strategic goals, include the uncertainties relating to the impact
of COVID-19 on the Company’s business, operations and employees and
the other factors that are described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis” in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, as updated from time to time in the Company’s
Securities and Exchange Commission filings.
The Company’s forward-looking statements in this
press release are based on management’s current views, beliefs,
assumptions and expectations regarding future events and speak only
as of the date of this release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by the federal securities
laws.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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