June 30, 2017

CI portfolio company merges, goes public

New Haven-based biomedical company Precipio Diagnostics said it has completed a merger with a Nebraska provider of cancer detection services.

Precipio and Transgenomic Inc., which is publicly traded, announced the merger last year.

Terms include the initial closing on a $1.2 million private placement of preferred and convertible securities. The new company will use Precipio's name be led by its CEO Ilan Danieli, who has been in his position since the company formed in 2011.

Precipio's stock will trade on the Nasdaq exchange under the ticker symbol PRPO.

Connecticut Innovations invested $750,000 in Precipio in 2013 when it led an overall Series B investment round of $1.8 million.

The company offers services that enable more accurate disease diagnoses.

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