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Precipio settles lawsuit over alleged breach of securities agreement

Precipio Inc. settled a lawsuit with Crede Capital Group LLC over allegations that it violated a securities agreement between the investment group and Transgenomic Inc.

Precipio bought the Omaha, Neb.-based biotechnology company Transgenomic in a reverse merger transaction in June 2017.

As part of the settlement, Precipio said it will pay Crede about $1.9 million within 15 months, in cash, stock or a combination of both. Precipio is a diagnostics company based in New Haven, Conn.

The settlement completes the restructuring of nearly 95% of the $19 million in legacy liabilities owed to about 300 creditors, inherited as part of the Transgenomic acquisition. This leaves Precipio with a remaining debt balance of $7 million, a substantial fraction of which will be paid over the next four years.