Specialty cancer diagnostics company Precipio,
Inc. (NASDAQ: PRPO) has signed agreements with two of the
largest oncology practices in the US, West Cancer Center of
Memphis, TN; and New York Cancer & Blood Specialists of New
York. During the coming weeks, both practices will be bringing
Precipio’s HemeScreen technology in-house. The implementation of
HemeScreen will enable these practices to significantly improve
turnaround time for important molecular tests for diseases such as
MPN (Myeloproliferative Neoplasms), CLL (Chronic Lymphocytic
Leukemia) and AML (Acute Myeloid Leukemia), delivering better care
to their cancer patients.
Following the recent
publication introducing HemeScreen to physician office laboratories
(POLs) in ION’s Oncologists Magazine, the partnership with ION has
the potential to continue to open doors to hundreds of independent
community oncology practices nationwide, with a joint effort of
both companies’ sales teams to introduce this patient-centric
technology to those groups.
The onboarding of
these two customers will have a material impact to Precipio, and
has the potential to generate seven-figure revenue to Precipio. As
Precipio’s R&D team continues to expand its panels and its
HemeScreen offering to new diseases, the company’s growing
installed customer base will benefit from broadened testing
opportunities, increasing revenue to the oncology practice. These
ongoing developments will also have the potential of delivering
increased market share and revenue to Precipio from expanded
reagent sales.
“As a patient-centric
practice, we are constantly seeking innovative technologies to
improve the way we care for our patients”, said Dr. Vacirca, CEO of
New York Cancer & Blood Specialists. “HemeScreen will help us
identify the patient’s molecular profile faster, so that we can
deliver the best, most accurate and rapid care to our
patients.”
“The trust that these
prominent practices have placed in Precipio is a testament to the
value, both clinical and financial, of HemeScreen to the market; we
are excited to continue and rapidly expand the market penetration
of HemeScreen in the POL market”, said Ilan Danieli, Precipio’s
CEO. “Consistent with our mission, we are delighted to play a role
in continuing to help the diagnostic community provide better care
and reduced diagnostic errors for their patients”.
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.
About HemeScreen™ Reagent Rental (HSRR)
Program
Precipio’s HemeScreen Reagent Rental Program for
POLs applies its patent-pending HemeScreen™ technology beyond the
laboratory and into the point of care setting, in the oncologist’s
office. A tried-and-true structure that is prevalent in the
diagnostic world, the HemeScreen Reagent Rental (HSRR) program
enables office-based physicians to place Real-Time PCR (RT-PCR)
testing equipment with no capital outlay and generate profitable
revenue from day one.
Through this program, the physician practice
will have the ability to run the diagnostic tests in-house instead
of sending out to reference laboratories, obtaining faster results
and providing patients with better care. All panels and genes are
reimbursed by Medicare and insurance companies. Customers make one
monthly payment to purchase HemeScreen reagents, which will
subsidize the cost of the PCR equipment and all necessary support,
creating a profitable business model for the POLs.
For more information please visit our website at
http://www.precipiodx.com/hemescreen.html.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including, among others, statements related to
the expected or potential impact of the novel coronavirus
(COVID-19) pandemic, and the related responses of the government,
consumers, and the company, on our business, financial condition
and results of operations, and any such forward-looking statements,
whether concerning the COVID-19 pandemic or otherwise, involve
risks, assumptions and uncertainties. Except for historical
information, statements about future volumes, sales, growth, costs,
cost savings, margins, earnings, earnings per share, diluted
earnings per share, cash flows, plans, objectives, expectations,
growth or profitability are forward-looking statements based on
management’s estimates, beliefs, assumptions and projections. Words
such as “could,” “may,” “expects,” “anticipates,” “will,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “predicts,” and variations on such words, and
similar expressions that reflect our current views with respect to
future events and operational, economic and financial performance,
are intended to identify such forward-looking statements. These
forward-looking statements are only predictions, subject to risks
and uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management’s
expectations, or could affect the company’s ability to achieve its
strategic goals, include the uncertainties relating to the impact
of COVID-19 on the company’s business, operations and employees and
the other factors that are described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis” in the
company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, as updated from time to time in the company’s
Securities and Exchange Commission filings.
The company’s forward-looking statements in this
press release are based on management’s current views, beliefs,
assumptions and expectations regarding future events and speak only
as of the date of this release. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by the federal securities
laws.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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