Precipio Updates Commercial Pipeline for its ICE-COLD PCR™ Liquid Biopsy Technology
June 19 2018 - 7:38AM
Trials underway at five laboratories and two
diagnostic equipment companies
Specialty cancer diagnostics company Precipio, Inc. (NASDAQ:PRPO),
today detailed its pipeline of high-volume potential adopters of
its ICE COLD-PCR™ mutation enrichment kits for liquid biopsies with
the commencement of eight ICP kit trials; and agreements for 12
additional ICP kit trials in the third quarter of 2018.
The eight ICP trials are underway with three reference
laboratories, one hospital laboratory, two with a large contract
research organization (CRO) and two diagnostic equipment companies.
Results and potential adoption of the testing platform is
anticipated within 8-12 weeks.
The 12 agreements for the upcoming ICP kit trials consist of two
reference labs, two CROs, seven hospital labs, and a pharma
company. In addition, we are in discussions with additional Pharma
and Biotech companies about incorporating ICP into their research
projects or pipeline.
The initial adoption of ICE COLD-PCR begins with the completion
of a successful trial, followed by the validation of testing in
their in-house laboratory using the ICEme Kits; and subsequently,
commercial orders are placed.
Liquid Biopsy Market
The market for liquid biopsy testing is anticipated to grow from
several hundred million in 2016, to over $1B in 2023, according to
a 2018 Reuters article1. Even with this strong market growth, the
liquid biopsy market still has tremendous upside potential. The
fully penetrated market potential is estimated to exceed $13B
annually for therapeutic selection, treatment monitoring and
recurrence monitoring, according to a 2015 Piper-Jaffray
report.2
ICP Addressable Market Segments
Precipio’s commercial focus for ICE COLD-PCR Kits is currently
on three primary markets. The overall US laboratory diagnostics
market is estimated to be $79B annually, with Hospital outreach
labs ($18B) and Independent labs ($27B) together comprising 56% of
that market:
- Clinical Laboratories: Reference
laboratories, large academic medical centers and large cancer
hospitals. We estimate there to be over 300 large 500+ bed
hospitals, and reference laboratories that would be able to perform
such tests.
- Research: Contract Research
Organizations (CRO) focused on oncology testing. Research also
consists of Pharma and Biotech companies operating in the oncology
space.
- Diagnostic Platforms: Diagnostic
equipment companies interested in mutation enrichment in front of
their mutation detection platforms.
“Almost a year into the merger, the efforts of our commercial
team in bringing ICP to market are beginning to bear fruits. We
believe ICP offers clinical labs wishing to enter the liquid biopsy
space access to a breakthrough technology, representing a
significant opportunity to offer these tests while driving down
costs and growing profit margins.” commented Stephen Miller,
Precipio’s CCO. “Additionally, ICP has the potential to deliver
quality within the research and diagnostic equipment markets while
keeping costs low for liquid biopsy testing. We will be launching
additional ICP kits with an expanded menu of genes & exons in
the coming quarters and will have all products available on several
NGS platforms by the end of 2018.”
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
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 March 31, 2018 and on the Annual
Report on Form 10-K for the year ended December 31, 2017 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.
Inquiries
investors@precipiodx.com
+1-203-787-7888
1
https://www.reuters.com/brandfeatures/venture-capital/article?id=24743
2
https://moderncancerdiagnostics.pl/wp-content/uploads/2016/10/Za%C5%82%C4%85cznik-4_Piper_Quirk_Liquid-Biopsy-Report.pdf
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