Precipio achieves impressive initial results of Artificial Intelligence Decision-Support Tool
February 26 2020 - 11:30AM
Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced today that preliminary results from its artificial
intelligence (AI) initial MVP (Minimal Viable Product) model
demonstrate a profound clinical value. The next phase is to develop
a working platform expected to become commercial within the next
12-18 months.
BackgroundThe diagnosis of
hematopoietic diseases (via the analysis of bone marrow and
peripheral blood samples) has always suffered from an inherent
systemic flaw, stemming from the expectation that oncologists
provide a clinical suspicion upon submitting a biopsy for
diagnosis. The clinical suspicion determines the pathway of
diagnosis, and is the sole driver for the laboratory in its testing
selection, intended to confirm/rule out the oncologist’s clinical
suspicion. If the clinical suspicion is incorrect, the lab will
embark down the wrong path, potentially resulting in a mistaken
diagnosis. Numerous studies1 [2] indicate that in blood-related
cancers, the rate of misdiagnosis is approximately 25% of patients
tested.
Precipio’s solutionAs part of
our mission to battle misdiagnosis, Precipio took a different
approach, whereby the oncologist’s clinical suspicion was one
factor within the decision process, rather than the sole driving
factor. Precipio developed a proprietary triaging algorithm that
examines multiple patient factors (CBC tests, chemistry results,
patient history, clinical symptoms and others) in order to arrive
at its own clinical suspicion, which more often than not, varied
from the clinician’s suspicion. We believe this process is a
substantive contributor to Precipio’s >99% accuracy rate.
Initial ResultsPrecipio’s data
clearly demonstrates that overall clinicians have a low likelihood
of assessing the correct clinical suspicion. Precipio’s initial AI
MPV achieved accuracy results which are, in aggregate, double that
of clinicians. With initial based on a limited data set, we believe
that additional data will yield far better results. The
machine-learning components of the iAI systems currently in
development enable our model to improve with each case, and reach
increasingly higher levels of accuracy..
Transition to an AI
platformAlthough the current algorithm is used internally
on every case analyzed by our lab staff at Precipio, we recognized
that this systematic flaw is a global problem, requiring a global
solution. A computerized system that receives input factors and
provides a correct clinical suspicion would serve as a
decision-support tool for any physician suspecting their patient
has a blood-related cancer. A SaaS-based system could effectively
provide access to this solution on a worldwide scale.
Market potential Each year,
approximately 40 million people in the US undergo routine blood
tests, with those test results providing precisely the factors
needed for our AI system. Absent a proper assessment, many
early-stage cancer patients go undetected until the patient becomes
symptomatic, typically associated with disease progression. Access
to the AI model may provide a groundbreaking change of the way
suspected blood-related cancer patients are assessed prior to the
biopsy and diagnosis stages. While it is currently early to
quantify the value of this system, given the annual spend on
diagnostics, and the waste related to blood-related cancers due to
misdiagnosis, the market potential appears to be substantial.
BeneficiariesThe potential
beneficiaries from this system among the various healthcare
constituents are:
- Physicians: Higher accuracy and correlation between clinical
suspicion and actual disease state.
- Payors: Reduction or containment of unnecessary testing
- Pharmaceuticals - assist in identifying accuracy of medication
therapy, and reducing undesirable pharmacovigilance
consequences.
- Patient: early-detection
“AI appears in almost every facet of our life,
helping us navigate movie decisions and the traffic while driving
home from work. Why not use AI technology to navigate the complex
process of diagnosing patients with terrible diseases such as
blood-related cancers”, said Ori Karev, Precipio’s Chief Strategy
Officer, and architect of this initiative. “The team at Precipio
have developed a groundbreaking algorithm with demonstrated
clinical benefit to their patients and physicians. Now we are going
to transform this into a product for patients and their physicians
around the world.”
Next StepsOver the next few
months, under Ori’s leadership, a team will be formed to develop
this project. The team will also be working with leading payors,
healthcare networks, and EMR companies to partner with Precipio in
the development of this service. The company will continue to
provide periodic updates as these efforts progress.
About Precipio
Precipio has built a platform designed to
eradicate the problem of misdiagnosis by harnessing the intellect,
expertise and technology developed within academic institutions and
delivering quality diagnostic information to physicians and their
patients worldwide. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment such as the Yale School of Medicine, Harvard’s
Dana-Farber Cancer Institute and the University of Pennsylvania,
Precipio offers a new standard of diagnostic accuracy enabling the
highest level of patient care. For more information, please visit
www.precipiodx.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements,” within the meaning of
federal securities laws, including statements related to ICP
technology, including financial projections related thereto and
potential market opportunity, plans and prospects and other
statements containing the words “anticipate,” “intend,” “may,”
“plan,” “predict,” “will,” “would,” “could,” “should,” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
The Company’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of
various factors. Factors that could cause future results to
materially differ from the recent results or those projected in
forward-looking statements include the known risks, uncertainties
and other factors described in the Company’s definitive proxy
statement filed on May 29, 2018, the Company’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2019 and on the
Annual Report on Form 10-K for the year ended December 31, 2018 as
well as the Company’s prior filings and from time to time in the
Company’s subsequent 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. All
information in this press release is as of the date of the release
and the Company does not undertake any duty to update this
information, including any forward-looking statements, unless
required by law.
1 https://ascopubs.org/doi/10.1200/JOP.2013.001204
2 https://ascopubs.org/doi/full/10.1200/JCO.2010.31.2223
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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