Benzinga | Jun 15, 2021 11:03AM EDT

Precipio Terminates Equity Line With Lincoln Park Capital

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."