Transgenomic Board Confirms Date and Location of Special Meeting of Stockholders and Announces Reverse Stock Split Ratio

  Transgenomic Board Confirms Date and Location of Special Meeting of
  Stockholders and Announces Reverse Stock Split Ratio

Business Wire

OMAHA, Neb. -- May 25, 2017

Transgenomic, Inc. (OTCQB: TBIO), today announced that its Board of Directors
confirms its special meeting of stockholders will be held on June 5, 2017 at
Troutman Sanders LLP’s offices located at 1001 Haxall Point, Richmond,
Virginia 23219. The purpose of this meeting is to vote on the proposed merger
with Precipio Diagnostics and certain other matters. All stockholders of
record as of April 12, 2017 are eligible to vote at this meeting, or prior to
the meeting by mail or by electronic submission of their vote.

A Proxy Statement and all materials related to the transaction have been
mailed to stockholders, and the Board of Directors recommends a vote in favor
of all proposals. If you owned stock of Transgenomic on April 12, 2017, but
have not received proxy materials, please contact Innisfree M&A Incorporated
at (888) 750-5834 immediately to have them sent.

“This reverse split is a necessary step that will satisfy one of the key
requirements for the stock to be relisted on NASDAQ,” said Ilan Danieli, CEO
of Precipio. “The Board will be joined by new experienced directors who,
alongside an experienced management team assembled from both companies, will
embark on a new vision that has been derived from the combination of both
companies, which we will be sharing publicly immediately post-merger.”

In conjunction with the proposed merger, and as part of the Company’s plan to
re-list its common shares on NASDAQ, Transgenomic’s Board of Directors has
approved a 1-for-30 reverse split of its issued and outstanding shares of
common stock. The planned effective date of the reverse split is 5:00 p.m. EDT
on June 5, 2017. After the reverse split, the number of shares outstanding
will be reduced from approximately 26.8 million shares to approximately 0.9
million shares. The number of outstanding shares of common stock after the
reverse split does not take into account the shares of Company common stock
and preferred stock to be issued in connection with the merger with Precipio
Diagnostics, and the related transactions, including the conversion of certain
secured indebtedness of the Company and a proposed private placement of
preferred stock by the Company to certain investors. The merger and the
transactions relating to the merger are expected to close in June 2017.

Stockholders who hold their shares in brokerage accounts or “street name” are
not required to take any action to effect the exchange of their shares
following the reverse split. Holders of share certificates will receive
instructions from the Company’s transfer agent, Wells Fargo Bank Minnesota,
N.A., regarding the process for exchanging their shares. Wells Fargo Bank
Minnesota, N.A. can be reached at (800) 468-9716.

Additional Information for Transgenomic Common Stockholders
In connection with the proposed merger, Transgenomic has filed with the
Securities and Exchange Commission (“SEC”) a definitive proxy statement
relating to the approval of the merger agreement. The definitive proxy
statement and this press release are not offers to sell Transgenomic
securities and are not soliciting an offer to buy Transgenomic securities in
any state where the offer and sale is not permitted.

The definitive proxy statement was mailed to stockholders of Transgenomic on
May 15, 2017. TRANSGENOMIC URGES INVESTORS AND SECURITY HOLDERS TO READ THE
DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION. Investors and security holders may obtain free copies of
the definitive proxy statement and other documents filed with the SEC by
Transgenomic through the website maintained by the SEC at www.sec.gov. Free
copies of the definitive proxy statement and other documents filed with the
SEC can also be obtained on Transgenomic’s website at
www.transgenomic.com/ir/investor-information.

Transgenomic, Precipio Diagnostics, LLC and each of their directors and
executive officers may be deemed to be participants in the solicitation of
proxies from the stockholders of Transgenomic in connection with the merger.
Information about the directors and executive officers of Transgenomic is set
forth in Transgenomic’s proxy statement filed with the SEC on April 29, 2016
in connection with its annual meeting, and in Transgenomic’s definitive proxy
statement filed with the SEC on May 12, 2017 in connection with the proposed
merger. Additional information regarding the interests of these participants
and other persons who may be deemed participants in the merger may be obtained
by reading the definitive proxy statement regarding the proposed transaction.

Forward-Looking Statements
Certain statements in this press release constitute “forward-looking
statements” of Transgenomic, which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from any future results, performance or achievements expressed or
implied by such statements. Forward-looking statements include, but are not
limited to, those with respect to management's current views and estimates of
future economic circumstances, industry conditions, company performance and
financial results, including the ability of Transgenomic to grow its
involvement in the diagnostic products and services markets, expectations
regarding new clients, projects and prospects, and MX-ICP’s ability to
accelerate Transgenomic’s growth and generate revenue. The known risks,
uncertainties and other factors affecting these forward-looking statements are
described from time to time in Transgenomic's filings with the SEC. Any change
in such factors, risks and uncertainties may cause the actual results, events
and performance to differ materially from those referred to in such
statements. All information in this press release is as of the date of the
release and Transgenomic does not undertake any duty to update this
information, including any forward-looking statements, unless required by law.

About Transgenomic, Inc.
Transgenomic, Inc. is a global biotechnology company advancing personalized
medicine in oncology and inherited diseases through advanced diagnostic
technologies, such as its revolutionary ICE COLD-PCR, which enables use of
liquid biopsies for mutation detection. The company also provides specialized
clinical and research services to biopharmaceutical companies developing
targeted therapies. Transgenomic’s diagnostic technologies are designed to
improve medical diagnoses and patient outcomes.

About Precipio Diagnostics
Precipio Diagnostics has built a platform to harness the intellect, expertise
and technology developed within academia, delivering quality diagnostic
information to physicians and patients worldwide. Through its collaborations
with world-class academic institutions specializing in cancer research,
diagnostics and treatment, and its experience delivering quality service,
Precipio Diagnostics offers a new standard of diagnostic accuracy enabling the
highest level of patient care. For more information, visit www.precipiodx.com.

View source version on businesswire.com:
http://www.businesswire.com/news/home/20170525006028/en/

Contact:

For Transgenomic, Inc.
Media:
BLL Partners
Barbara Lindheim, 212-584-2276
blindheim@bllbiopartners.com
or
Investors:
Transgenomic Investor Relations
investor.relations@transgenomic.com
Press spacebar to pause and continue. Press esc to stop.