NEW HAVEN, Conn., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) has entered into an agreement with a major US-based oncology distributor to offer Precipio’s HemeScreen POL (Physician Office Lab) program to its independent community oncology practices nationwide. At this time, the company had requested to remain unnamed in this press release.
Through its sales and distribution network, the distributor serves community oncologists nationwide. These practices face daily challenges competing with the large healthcare networks, and must constantly improve their ability to compete from a patient care standpoint, while ensuring their financial sustainability. The ability to deliver better patient care through rapid turnaround time; the internalization of testing which leads to better control; and the opportunity to generate profitable revenue by those practices, are all at the core of Precipio’s vision in creating this program to support community oncologists.
Precipio estimates that an average practice participating in the Hemescreen POL program (depending on the practice size) could generate revenues for Precipio of $100,000 per year in HemeScreen reagent sales.
Both companies will be collaborating to develop a joint program to offer the community oncology practices. The companies will join forces to introduce the program to these oncology practices, leveraging both sales forces; educating customers on the benefits, and work in concert to handle the sales, contracting, setup and training processes for these customers.
“This is a partnership where both parties’ interests are perfectly aligned,” said Ilan Danieli, Precipio’s CEO. “The combination of a strong, broad network reaching thousands of oncologists within the community, coupled with Precipio’s technology platform, provides yet another anchor of support to this important pillar of the oncology community. We are excited for the teams to bring this program to the benefit of those customers”.
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 1.
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. Customers will make one monthly payment to purchase HemeScreen reagents, which will subsidize the cost of the PCR equipment.
For more information please visit our website at http://www.precipiodx.com/hemescreen.html.
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
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.