<SEC-DOCUMENT>0001144204-17-025324.txt : 20170616
<SEC-HEADER>0001144204-17-025324.hdr.sgml : 20170616
<ACCEPTANCE-DATETIME>20170508171724
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-025324
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170508

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:		CORRESP

	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>
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<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: 0pt 0; text-align: center">May 8, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><BR>
<BR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>VIA EDGAR</U></B></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: left">Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Russell Mancuso, Branch Chief</P>

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

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    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><B>Re: </B></TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0"><B>Transgenomic, Inc. </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Amendment No. 1 to Preliminary Proxy Statement on Schedule 14A</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>Filed April 24, 2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>File No. 001-36439</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Mancuso:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On behalf of Transgenomic,
Inc., a Delaware corporation, (the &ldquo;<U>Company</U>&rdquo;, &ldquo;<U>Transgenomic</U>&rdquo;), we are writing to respond
to the comments set forth in the comment letter of the staff (the &ldquo;<U>Staff</U>&rdquo;) of the U.S. Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;), dated May 5, 2017 (the &ldquo;<U>Comment Letter</U>&rdquo;), relating to the
Company&rsquo;s Amendment No. 1 to Preliminary Merger Proxy Statement on Schedule 14A filed with the Commission on April 24, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In connection with this
response to the Comment Letter, the Company is simultaneously filing an amendment to Amendment No. 1 to Preliminary Proxy Statement
(&ldquo;<U>Amendment No. 2</U>&rdquo;). Capitalized terms used but not otherwise defined in this letter shall have the meanings
given to such terms in Amendment No. 2. References herein to page numbers are to page numbers in Amendment No. 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following are the
Company&rsquo;s responses to the Comment Letter. The Company&rsquo;s responses are numbered to correspond to the Staff&rsquo;s
comments as numbered in the Comment Letter. For your convenience, each of the Staff&rsquo;s comments contained in the Comment Letter
have been restated below in their entirety, with the Company&rsquo;s corresponding response set forth immediately under such comment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Proxy Statement Cover Page</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">1.</TD><TD STYLE="padding: 0; text-indent: 0"><I>For the issuance of the common and preferred stock to members of Precipio in the merger, please expand your response to
prior comment 1 to indicate whether you intend to rely on Securities Act Rule 506(b) or (c). If you intend to rely on Rule 506(b),
please tell us how you intend to comply with the specific conditions of clause (b)(2)(ii). Please also expand your response to
prior comment 1 to provide us the information required by the last Instruction to Schedule 14A Item 10 with respect to the 2017
Stock Option and Incentive Plan.</I></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company intends to rely on Rule 506(b) under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), with respect to the private placement of New Precipio common
stock and New Precipio preferred stock in the merger. The Company intends to comply with Rule 506(b)(2)(ii) under the Securities
Act by receiving a questionnaire from each member of Precipio prior to the meeting at which the Precipio members approve the merger
whereby such member represents that either (i) such member is an &ldquo;accredited investor&rdquo; as defined Rule 501 under the
Securities Act or (ii) either alone or with such member&rsquo;s purchaser representative(s) has such knowledge and experience in
financial and business matters that such member is capable of evaluating the merits and risks of the prospective investment in
the Company. In the event that a member needs a purchaser representative, then the Company will coordinate with Precipio to make
sure that such member is able to obtain one who satisfies the requirements of Rule 506(b)(2)(ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Upon approval of the Transgenomic 2017 Stock Option
and Incentive Plan, the Company will file a registration statement on Form S-8 under the Securities Act registering all securities
that are issuable under the Transgenomic 2017 Stock Option and Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Cautionary Statement, page 22</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">2.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note your revisions in response to prior comment 5; however, your disclosure continues to reference the Private Securities
Litigation Reform Act of 1995. Please revise or advise.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has deleted the reference to the Private
Securities Litigation Reform Act of 1995 on page 26 of Amendment No. 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Background of the Transaction, page 29</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">3.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note revisions in response to prior comment 7 and your disclosure regarding 62% to 80% of post-closing fully diluted
shares in the sixth paragraph on page 34 and approximately 79% of the fully diluted shares in the first paragraph on page 36. Please
revise your disclosure so that it is clear how these fully diluted percentages reconcile to the fully diluted percentages you have
disclosed on the proxy statement cover page which indicates that the common stock and preferred stock holders of Precipio will
own 52% and 8%, respectively, of the combined company on a fully-diluted basis.</I></TD></TR></TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has revised the disclosure on pages 39,
40 and 41 of Amendment No. 2 to clarify that the references to &ldquo;62%&rdquo;, &ldquo;80%&rdquo; and &ldquo;79%&rdquo;
disclosed on such pages were calculated using the fully diluted shares of New Precipio common stock excluding the number of shares
of common stock issuable upon conversion of the New Precipio preferred stock to be issued in the merger, upon conversion of the
secured debt and in the private placement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">4.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note your response to prior comment number 10. Please disclose the exchange ratio used by your financial advisor in rendering
the fairness opinion and clarify how the board concluded that there was no need to update the opinion in light of your view that
the new terms are more favorable to Transgenomic shareholders. For ease of comparison, please revise to disclose the initial exchange
ratio under the merger agreement and the implied exchange ratio for the amended merger agreement in appropriate places, such as
where you discuss the financial advisor&rsquo;s opinion and including where the board presents the opinion as a reason they are
recommending the merger.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has revised the disclosure on pages 39,
41, 42, 45, 58 and 73 of Amendment No. 2 to disclose the exchange ratio used by the financial advisor in rendering its fairness
opinion and the implied conversion ratio set forth in Amendment No. 1 to the Merger Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Comparable Public Company Analysis of Transgenomic, page
41 </U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">5.</TD><TD STYLE="padding: 0; text-indent: 0"><I>Disclose the substance of your response to prior comment 13 in your proxy statement. </I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has revised the disclosure on pages 46
and 47 of Amendment No. 2 to disclose why the financial advisor used a different list of comparable public companies than the list
of companies used for the historical trading analyses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Interests, page 56</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">6.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note your response to prior comment 15; however, when an acquirer is soliciting approval of a transaction such as you
are seeking, Exchange Act Section 14A(b)(1) requires disclosure of arrangements between (1) the acquirer and (2)(a) the NEOs of
the target and (2)(b) NEOs of the acquirer. Please note that Exchange Act Section 14A(b)(2) requires an advisory vote on each of
the above. In addition, Regulation S-K Item 402(t) expands the disclosure obligation to also require disclosure of arrangements
between (1) the target and (2)(a) the NEOs of the target and (2)(b) NEOs of the acquirer to the extent such arrangements are based
on or otherwise relate to the merger. Since we note your disclosure of arrangements between Transgenomic and its NEO, please tell
us if there are any arrangements between Transgenomic and any NEO of Precipio or Precipio and any NEO of Precipio or of Transgenomic
and revise your disclosure as appropriate.</I></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We acknowledge the Staff&rsquo;s comment and note
that neither Transgenomic nor Precipio have any arrangements with any NEO of Precipio that are based on or otherwise relate to
the merger, and Precipio does not have any arrangements with any NEO of Transgenomic that are based on or otherwise relate to the
merger. Transgenomic has included additional disclosure on page 61 of Amendment No. 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Conditions to Closing the Transaction, page 75 </U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">7.</TD><TD STYLE="padding: 0; text-indent: 0"><I>Given the waiver in Section 3 of the amendment to the merger agreement, please update the status of the condition related
to Nasdaq listing described in clause (vii) of the first paragraph.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has revised the disclosure on the cover
page and pages 5, 67, 80 and 81 of Amendment No. 2 to clarify that the condition has been waived, but Transgenomic has agreed to
use commercially reasonable efforts to list the shares of New Precipio common stock on Nasdaq in connection with the merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Proposal 4, page 89</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">8.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note the revisions you have made in response to prior comment 22, however from your disclosure it is still not clear
how you reconcile the number of shares mentioned in the &ldquo;Placement Warrants&rdquo; and &ldquo;Amended Warrant&rdquo; sections
of this proposal with (1) the numbers mentioned in the &ldquo;Crede Warrants and &ldquo;Third Security Investors Warrant&rdquo;
sections of this proposal, and (2) the 3,000,000 shares subject to this proposal. Please revise your disclosure for clarity.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has revised the disclosure throughout
Amendment No. 2 to change &ldquo;3,000,000&rdquo; shares subject to the proposal to &ldquo;2,999,836&rdquo; shares subject to the
proposal which represents the 1,900,000 shares of Transgenomic common stock under the Amended Warrant, 1,000,000 shares under the
Crede Placement Warrant and 99,836 under the Third Security Investors Warrant as disclosed on page 97 of Amendment No. 2.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_002.jpg" ALT=""></P><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 8, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">9.</TD><TD STYLE="padding: 0; text-indent: 0"><I>As requested by prior comment 23, please tell us which exhibits to which of your filings include the warrants described
in this proposal.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic&rsquo;s Current Report on Form 8-K as
filed with the Commission on January 11, 2016 includes the form of Placement Warrants as Exhibit 4.2 attached thereto and the form
of the Amended Warrant as Exhibit 4.3 attached thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Summary Compensation Table, page 98 </U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">10.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note your response to prior comment 24, however, it is unclear how your table reflects any incremental fair value with
respect to the modified option awards as required by Instruction 2 to Regulation S-K Item 402(n)(2)(v) and (n)(2)(vi). Please revise
as appropriate.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Since the amendment to the stock option did not lower
the exercise price and only extended the time that Mr. Kinnon could exercise his stock options after termination of employment,
but did not extend such period past the original expiration date of his stock options, Mr. Kinnon did not receive any incremental
value as a result of such modification. Transgenomic has revised the disclosure on page 106 of Amendment No. 2 to clarify that
there is no incremental value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Precipio Business Description, page 107</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">11.</TD><TD STYLE="padding: 0; text-indent: 0"><I>We note from your response to prior comment 25 that Precipio&rsquo;s platform does not require FDA approval and that Precipio
has not registered patents related to the platform itself, but that it has implemented strategies to ensure intellectual property
protection for its technology, including the use of non-disclosure agreements. Please include the substance of your response in
your proxy statement. Given that the Precipio diagnostic tests and related platform do not require FDA approval, please briefly
describe the applicable regulatory requirements and how Precipio meets such requirements. For example, is Precipio&rsquo;s laboratory
certified under the Clinical Laboratories Improvements Act of 1988, or CLIA, to offer laboratory tests?</I></TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has added additional disclosure on page
115 of Amendment No. 2 regarding the certification of Precipio&rsquo;s laboratory.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">12.</TD><TD STYLE="padding: 0; text-indent: 0"><I>With regard to your revised disclosure that Precipio has partnered with Yale School of Medicine to capture the expertise,
experience and technologies of that institution and that academic experts act as consultants for Precipio, please briefly disclose
how that institution and those experts are compensated.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has added additional disclosure on page
115 of Amendment No. 2 to briefly disclose how Yale School of Medicine and its experts are compensated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">13.</TD><TD STYLE="padding: 0; text-indent: 0"><I>As requested by prior comment 24, please disclose what activities occur at the international locations mentioned on the
Precipio website and clarify in your last paragraph on page 107 why Precipio needs an &ldquo;international sales team&rdquo; to
offer services around &ldquo;the country.&rdquo;</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has added additional disclosure on page
115 of Amendment No. 2 to disclose that sales activities occur at the international locations through local representatives and
corrected where Precipio&rsquo;s international sales team offers services.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">14.</TD><TD STYLE="padding: 0; text-indent: 0"><I>Please provide us support for your statement on page 107 that Precipio has been able to &ldquo;achieve a superior level
of diagnostic accuracy&rdquo; and on page 108 that it provides a &ldquo;high standard of cancer diagnostics.&rdquo; If there are
no studies or reports supporting those claims, please make that clear.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has added additional disclosure on pages
115-117 of Amendment No. 2 to clarify that it believes it provides a better standard of cancer diagnostics and an improved level
of diagnostic accuracy but that there are no third-party studies supporting such belief.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_002.jpg" ALT=""></P><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 8, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Precipio&rsquo;s Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations, page 108 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Results of Operations, Net Revenues, page 109</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">15.</TD><TD STYLE="padding: 0; text-indent: 0"><I>In your response to prior comment 28 you told us that 812 cases were processed in the year ended December 31, 2015, whereas
your MD&amp;A discussion indicates 1,039 cases were processed. Please revise the filing to reconcile this difference. Further,
it appears that revenues per case decreased, which could be the result of a decreasing prevailing reimbursement rate. To the extent
that you have material changes in net revenues, please revise the filing to provide a narrative discussion as to the extent to
which the changes are attributable to such factors and their expected impact on future revenues. Refer to Item 303(a) (3) (iii)
of Regulation S-K.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The response to prior comment 28 incorrectly stated
the number of cases processed by Precipio for the year ended December 31, 2016. The correct number of cases processed for 2016
is 1,039 as stated in Precipio&rsquo;s Management Discussion and Analysis. The 812 cases provided in the prior response #28 was
the number of cases processed through the first nine months of 2015. The net revenue per case in 2016 decreased by under 3.5%,
which Precipio believes is immaterial. The increase in Precipio&rsquo;s net revenue in 2016 from 2015 is attributable entirely
to an increase in cases, which is stated in the management&rsquo;s discussion section. Consequently, Precipio believes that no
further disclosure is necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Unaudited Pro Forma Combined Financial Information of Transgenomic,
Inc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2 Estimated Purchase Consideration, page 116</U></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0">16.</TD><TD STYLE="padding: 0; text-indent: 0"><I>Please revise your disclosure to identify the nature and amount of each significant intangible asset being acquired similar
to the information provided in your response to prior comment 33.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Transgenomic has added a footnote to the &ldquo;Other
intangible assets&rdquo; line item in the table on page 125 of Amendment No. 2 to identify the nature and amount of each significant
intangible asset being acquired.</P>

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

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

<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: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><IMG SRC="image_002.jpg" ALT=""></P><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 8, 2017</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please direct any questions or comments
concerning this response to the undersigned at (804) 697-1225.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 220.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 45%; padding: 0; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><U>/s/ John Owen Gwathmey</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">John Owen Gwathmey, Esq.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: &#9;Paul Kinnon, Transgenomic, Inc.</P>

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

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

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