NEW HAVEN, Conn., Jan. 20, 2021 (GLOBE NEWSWIRE) -- 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.
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