Precipio Enters into Collaboration with Prestigious New York-based Institution to Develop Revolutionary Brain Tumor Panel using HemeScreen® Technology
June 13 2023 - 9:00AM
Specialty cancer diagnostics company Precipio,
Inc. (NASDAQ: PRPO), announces that it has entered into a
collaboration agreement with a NY-based academic healthcare
institution to jointly develop a panel for Glioblastoma (GBM), an
aggressive brain cancer based on Precipio’s HemeScreen technology.
Precipio will design and develop a panel that
combines a select number of genes that provide prognostic and
therapeutic markers for this form of cancer. The institution
(currently the name of the institution remains confidential) will
contribute patient samples for the development process, its
clinical know-how and expertise of its clinicians, and it intends
to be the first to use the panel clinically once the panel
development is completed.
Glioblastoma is a deadly form of brain cancer
that forms in the astrocyte cells (which support the nerve cells),
and can form in the brain or spinal cord. The median survival rate
is 15 months, with less than 5% of diagnosed patients surviving
beyond 5 years.
As with many forms of cancers, obtaining
information on the molecular composition of the tumor can inform
treatment options. Currently available testing options deliver a
TAT of between 10-30 days, which is often too late to affect
treatment. The ability to order a rapid panel that can return
results within a matter of days may provide options of targeted
therapies, and have a significant impact on patients with this
deadly disease.
Precipio’s R&D team estimates a development
time of under 4 months for this assay, and a cost of less than
$50,000, an unprecedented speed and development cost in this
industry.
“This is our first step into a field where we
can adapt our technology to create new panels for various diseases
beyond blood-related cancers," said Ilan Danieli CEO. “This project
demonstrates the flexibility of our HemeScreen technology and our
team’s ability to develop such assays rapidly and cost-effectively,
and serves as further validation of our unique business model. We
are excited to be able to collaborate with such institutions to
develop technologies that can have a significant impact on patient
care.”
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, as well as proprietary products that serve
laboratories worldwide. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment, Precipio offers a new standard of diagnostic
accuracy enabling the highest level of patient care. For more
information, please visit www.precipiodx.com.
Please follow us on LinkedIn, Twitter
@PrecipioDx and on Facebook.
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
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and uncertainties, and actual results could differ materially from
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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, 2022, 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
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statements, whether as a result of new information, future events
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Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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