<SEC-DOCUMENT>0001144204-12-048332.txt : 20120828
<SEC-HEADER>0001144204-12-048332.hdr.sgml : 20120828
<ACCEPTANCE-DATETIME>20120828113902
ACCESSION NUMBER:		0001144204-12-048332
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120827
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120828
DATE AS OF CHANGE:		20120828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSGENOMIC INC
		CENTRAL INDEX KEY:			0001043961
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				911789357
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30975
		FILM NUMBER:		121058881

	BUSINESS ADDRESS:	
		STREET 1:		12325 EMMET ST
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
		BUSINESS PHONE:		4027385480

	MAIL ADDRESS:	
		STREET 1:		12325 EMMET STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68164
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v322565_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C.
20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">August 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">TRANSGENOMIC, INC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">000-30975</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">911789357</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">12325 Emmet Street, Omaha, Nebraska</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">68164</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 0pt; text-align: center">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(402) 452-5400</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Not applicable</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 27, 2012,
Transgenomic, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), Scoli Acquisition Sub, Inc., a Delaware corporation and
the Company&rsquo;s wholly-owned subsidiary (&ldquo;Acquisition Sub&rdquo;), and Axial Biotech, Inc., a Delaware corporation (&ldquo;Axial&rdquo;),
entered into an Asset Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;). Pursuant to the terms and subject to the conditions
set forth in the Purchase Agreement, the Company (through Acquisition Sub) has agreed to purchase from Axial, and Axial has agreed
to sell to the Company, substantially all of the assets related to Axial&rsquo;s Scoliscore assay (the &ldquo;Assets&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for
the purchase of the Assets, at the closing, the Company will make a cash payment of approximately $3.4 million to Axial and certain
of its creditors. The Purchase Agreement further provides that, within ten days following the transfer of all of the Assets to
the Company, and the Company&rsquo;s confirmation that the Scoliscore Assay operates, within the Company&rsquo;s laboratories,
pursuant to protocol agreed upon by the Company and Axial, the Company shall pay an additional approximately $1.0 million to Axial
and certain of its creditors, $100,000 of which shall be placed into escrow for a period of one year from the closing of the transaction
to secure Axial&rsquo;s indemnification obligations for, among other things, any breach of, or default under, any of Axial&rsquo;s
representations, warranties, covenants or agreements contained in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The closing of the
acquisition of the Assets is subject to various customary conditions, including, among other things: (i) the accuracy of the representations
and warranties made by each of the Company, Acquisition Sub and Axial and the compliance by the parties with their respective obligations
under the Purchase Agreement; (ii) the absence of any action or other legal proceeding that seeks to constrain or otherwise prohibit
the transactions contemplated by the Purchase Agreement; (iii) obtaining certain required consents; (iv) approval of the transaction
by Axial&rsquo;s stockholders; (v) termination of certain of Axial&rsquo;s agreements relating to the Assets; (vi) delivery of
certain financial statements of Axial; and (vii) the entry into certain agreements by each of the Company, Acquisition Sub and
Axial in furtherance of the transactions contemplated by the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement
contains customary representations, warranties and covenants of the Company, Acquisition Sub and Axial. Subject to certain customary
limitations, the parties have agreed to indemnify each other and their respective officers, directors, employees and other authorized
agents against certain losses related to, among other things, breaches of their respective representations and warranties and the
failure to perform their respective covenants under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement
contains certain termination rights in favor of each of the Company and Axial, including each such party&rsquo;s right to terminate
the Purchase Agreement if the transaction is not completed by October 1, 2012 and upon a material breach of any of the respective
representations, warranties, covenants or obligations of the Company, Acquisition Sub or Axial, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transaction is
expected to close on or before October 1, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Purchase Agreement does not purport to be a complete description of all terms of the Purchase Agreement and is qualified
in its entirety by reference to the full text of the Purchase Agreement, a copy of which will be filed with the Company&rsquo;s
Quarterly Report on Form 10-Q for the quarter ending September 30, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 28, 2012,
the Company issued a press release announcing the entry into the Purchase Agreement, which is attached as Exhibit 99.1 to this
Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The following item is filed as an exhibit to this Current
Report on Form 8-K:</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 1in; text-align: left"><B><U>Exhibit No.</U></B></TD><TD STYLE="text-align: justify"><B><U>Description</U></B></TD>
</TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 1in; text-align: left">99.1</TD><TD STYLE="text-align: justify">Press Release, dated August 28, 2012, issued by Transgenomic,
Inc.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: center; text-indent: -35pt"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">Dated:&nbsp; August 28, 2012</TD>
    <TD COLSPAN="2">TRANSGENOMIC, INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Craig J. Tuttle</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Craig J. Tuttle<BR>President and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v322565_ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Transgenomic Acquires ScoliScore&trade;
Adolescent Idiopathic Scoliosis<BR>
Prognostic Test from Axial Biotech</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commercially Established, Highly Accurate
Test Reduces Dangerous Radiation Exposure in Adolescents Diagnosed with Scoliosis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OMAHA, Neb</B>. (<B>August 28, 2012)
- Transgenomic, Inc. (OTCBB: TBIO)</B> announced today that it has entered into a definitive agreement to acquire the global rights
to Axial Biotech&rsquo;s ScoliScore&trade; Adolescent Idiopathic Scoliosis (AIS) Prognostic Test for a total consideration of $4.4
million in cash. The acquisition provides Transgenomic with the ScoliScore&trade; assay technology and intellectual property, an
established revenue and customer base and access to a market estimated at 400,000 patients in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;The acquisition of ScoliScore&trade;
furthers Transgenomic&rsquo;s strategic vision of investing in products and technologies with significant potential or that can
benefit immediately from synergies available through our existing sales team, clinical laboratories and other infrastructure, including
relationships with Medicare, Medicaid and other third-party payers. We believe that ScoliScore&trade; will contribute positively
to earnings by the end of 2012, excluding any acquisition related charges,&rdquo; said Craig Tuttle, Chief Executive Officer of
Transgenomic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ScoliScore&trade; is the first clinically
validated and commercially available saliva-based multi-gene test that provides a highly accurate assessment of the likelihood
of spinal curve progression for adolescent children diagnosed with AIS, or an abnormal lateral curve of the spine. The ScoliScore&trade;
Test helps to reduce the uncertainty of AIS progression and may help patients reduce the need for repeated doctor visits, physical
examinations and years of exposure to radiation from frequent x-rays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;AIS is the most
prevalent adolescent deformity. Every year, 100,000 adolescent children are diagnosed with AIS. Only 2-4 percent of these affected
children will progress to a severe spinal curve requiring surgical intervention. Despite this low rate of progression, adolescent
children with scoliosis are routinely monitored by numerous physician office visits and are subjected to a high number of x-ray
examinations. The ScoliScore&trade; Test identifies, with a high degree of accuracy, those individuals who are unlikely to progress
to a point where surgery is needed, which can significantly reduce their radiation exposure from repeated x-ray monitoring,&rdquo;
commented Mr. Tuttle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ken Ward, MD, Chief Medical Officer of
Axial Biosciences added, &ldquo;Diagnosing AIS is routine, but predicting which patients have severe disease and need to be closely
followed is challenging. ScoliScore&trade; enables physicians to more efficiently and effectively manage the long-term care of
adolescents with scoliosis. In a study completed by the National Cancer Institute, 5,466 women who had been monitored for Scoliosis
and were exposed to 25 or more x-rays during their adolescent years were followed into adulthood and experienced a 67 percent increase
in breast cancer death versus what you would expect in the normal population. The ScoliScore&trade; Test can predict, with a 99
percent accuracy rate, those subjects who will not progress to a severe curve, saving time, expense, patient and parent anxiety
and potentially harmful exposure to radiation. No other currently available method of AIS evaluation is as accurate and convenient
as ScoliScore&trade;.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction is subject to the approval
of Axial Biotech&rsquo;s shareholders and other conditions and is expected to close in September 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>More About ScoliScore&trade; and
Scoliosis</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each year, 100,000 children between the
ages of 9 and 12 present to physicians with a mild AIS curve &ge;10 degrees. Approximately 2-4 percent will eventually experience
curve progression necessitating an instrumented fusion procedure. This means that approximately 96,000-98,000 of these newly diagnosed
patients will not progress to a curve requiring instrumented fusion. As a result of the inability to predict which patients will
require surgical intervention and which will not, a large majority of patients undergo medical and radiographic monitoring that,
with the use of ScoliScore&trade;, may not be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current methods for predicting curve progression
in AIS is limited. The ScoliScore&trade; AIS Prognostic Test was developed and validated using data generated from thousands of
AIS patients. The ScoliScore AIS test offers clinicians a new and highly accurate method for evaluating the risk of curve progression
that enables a substantial reduction in radiological exposure and unnecessary bracing for the ~75 percent of mild AIS patients
expected to be classified as low-risk by ScoliScore&trade; (i.e., &lt;1 percent risk of progressing to a severe curve). For more
information about ScoliScore visit www.scoliscore.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>About Transgenomic, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transgenomic, Inc. (www.transgenomic.com)
is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through its proprietary
molecular technologies and world-class clinical and research services. The Company is the global leader in cardiac genetic testing
with a family of innovative products, including its flagship C-GAAP test, designed to detect gene mutations which indicate cardiac
disorders, or which can lead to serious adverse events. Transgenomic has three complementary business divisions: Transgenomic Clinical
Laboratories, which specializes in molecular diagnostics for cardiology, oncology, neurology, and mitochondrial disorders; Transgenomic
Pharmacogenomic Services, a contract research laboratory that specializes in supporting all phases of pre-clinical and clinical
trials for oncology drugs in development; and Transgenomic Diagnostic Tools, which produces equipment, reagents, and other consumables
that empower clinical and research applications in molecular testing and cytogenetics. Transgenomic believes there is significant
opportunity for continued growth across all three businesses by leveraging their synergistic capabilities, technologies, and expertise.
The Company actively develops and acquires new technology and other intellectual property that strengthens its leadership in personalized
medicine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>About Axial Biotech, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Axial Biotech is a privately held, venture-backed
company founded in 2002 by a group of internationally recognized spine surgeons and geneticists. Axial Biotech is focused on developing
and commercializing genetic tests and treatment solutions for spinal disorders. The company&rsquo;s headquarters and laboratory
are located in Salt Lake City, UT. For more information about Axial Biotech visit the company&rsquo;s website at www.axialbiotech.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Forward-Looking Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain statements in this press release
constitute &ldquo;forward-looking statements&rdquo; of Transgenomic within the meaning of the Private Securities Litigation Reform
Act of 1995, 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&rsquo;s current views and estimates of future economic circumstances,
industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in
the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking
statements are described from time to time in Transgenomic&rsquo;s filings with the Securities and Exchange Commission. 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. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Investor Contact<BR>
</I></B>Argot Partners<BR>
David Pitts, 212-600-1902<BR>
david@argotpartners.com<BR>
or<BR>
<B><I>Company Contact<BR>
</I></B>Transgenomic, Inc.<BR>
Investor Relations<BR>
402-452-5416<BR>
investorrelations@transgenomic.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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