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Precipio (PRPO)

Filed: 30 Mar 06, 7:00pm

Exhibit 10.36

October 31, 2005

Mr. David Grin

Laurus Master Fund, Ltd.

c/o Laurus Capital Management, LLC

825 Third Avenue 14th Fl.

New York, NY 10022

 

RE:Exercise Price of Laurus Warrants

Dear Mr. Grin:

On October 31, 2005, we closed the sale of the following securities to institutional investors: (i) 14,925,743 shares of the Company’s common stock, plus (ii) five-year, non-callable warrants to purchase another 5,970,297 shares of common stock with an exercise price of $1.20 per share (the “Offering”). The aggregate purchase price for the securities sold in the Offering was $1.01 per share of common stock initially being sold or $15,075,000. In conjunction therewith, we have repaid all indebtedness (including interest, prepayment fees and other fees) to Laurus and agree that the Exercise Price (as defined in the warrants) of the warrants owned by Laurus Master Fund, Ltd. reset as follows:

 

Warrant Owner

  Issue
Year
  Expiration
Year
  

Underlying

Shares

  Exercise Price
        Old  New

Laurus Master Fund, Ltd

  2003  2010  200,000  $2.25  $1.92

Laurus Master Fund, Ltd

  2003  2010  200,000  $2.44  $2.07

Laurus Master Fund, Ltd

  2003  2010  150,000  $2.82  $2.35

Laurus Master Fund, Ltd

  2004  2011  125,000  $3.11  $2.57

Laurus Master Fund, Ltd

  2004  2011  400,000  $1.25  $1.18
           
      1,075,000    

Sincerely,

 

TRANSGENOMIC, INC.
By: 

/s/ Michael A. Summers

 Michael A. Summers
 Chief Financial Officer

Agreed and accepted on the date hereof

 

LAURUS MASTER FUND, LTD.

By: 

/s/ David Grin

 David Grin
 Director