Precipio Launches Covid-19 Antibody Test in its CLIA laboratory
August 04 2020 - 10:45AM
Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced it has completed the internal validation of the
FDA-approved COVID-19 serology antibody test in its CLIA
laboratory, and has launched the test commercially to its pathology
customer base (phase 1). Upon obtaining further approval for
expanded use by FDA, phase 2 will broaden our distribution to POC
(point-of-care) healthcare facilities including hospitals, medical
centers, urgent care facilities and physician practices.
Physicians will be able to conduct a simple
blood draw from each patient who wishes to be tested. The samples
will be shipped overnight to Precipio’s laboratory in New Haven,
where they will be received the next day, tested, and results shall
be returned to the physician the same day, offering a 24-hour
turnaround (subject to volume and capacity capabilities).
Reimbursement is approximately $45 per test. Precipio is currently
able to process 1,000 tests per day, increasing testing capacity to
10,000 tests per day by the end of Q3-20 as demand grows.
Physicians and other non-medical groups wishing
to utilize our rapid testing services may contact us at
covidtest@precipiodx.com, or by calling us at 203.787.7888.
While this ramp up has required a modest capital
investment, management believes that the company is adequately
financed, and has the appropriate access to capital for the
company’s current operating cash needs, through its existing equity
line. At this time, Management has not, and does not anticipate
conducting a public offering in the foreseeable future.
“Providing immediate access and rapid results to
our customer base is our first phase of commercializing our
COVID-19 antibody test, in line with our strong level of service
and commitment to our customers”, said Ilan Danieli, Precipio’s
CEO. “As we continue to execute on our strategy, we aim to bring
increasing value to our customers and to the company.”
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 and Harvard’s
Dana-Farber Cancer Institute, 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
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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