Sales growth acceleration plan to triple size of oncologist/hospital sales team in 2018
NEW HAVEN, CT, (January 16th, 2018) - Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), has appointed Douglas Sites to the new position of Vice President of Sales where he will be responsible for executing Precipio’s Pathology Services sales plan, targeting oncologists and hospitals with our cancer diagnostic services which utilize academic expertise to deliver superior level diagnostic accuracy to our customers and to their patients.
Precipio plans to triple the size of its sales force in 2018 and expects revenue growth to increase through 2019 as a result. Initially the sales focus will be on small to midsize oncology practices and hospitals that require expert pathology services, while seeking to enhance revenue through the addition of new tests, such as our proprietary liquid biopsy ICE-COLD PCR™ (ICP) products, developed at Harvard’s Dana Farber Cancer Center.
Benefits to Hospitals
Precipio’s products and services boost hospital bottom line by providing them with a higher level of diagnostic accuracy. Accurate diagnostics result in fewer patient readmissions and reduced waste in treatment, all of which directly impact the hospital’s bottom line. Furthermore, by offering such new, billable and profitable tests as ICP, hospitals can easily implement and onboard these tests to provide better treatment to patients by rapidly monitoring their progress and immediately identifying any genetic changes that may impact their treatment course.
Precipio’s sales team will cross-sell Precipio’s pathology services backed by Yale Pathology expertise, with ICP. Management believes ICP is a highly disruptive technology and represents the future of the multi-billion dollar diagnostics business. It improves patient monitoring with non-invasive, highly accurate, liquid biopsy blood draws with dramatically lower costs.
Planning Sales Phase Complete
“The first half of 2018 is a period where we plan to make the first meaningful investment in sales infrastructure to scale our diagnostics business,” commented Stephen Miller, Chief Commercial Officer. “Completion of the initial commercialization stage now warrants further focus to build the sales team and capture market share, and Doug has the experience required to manage the success of the plan.”
Doug Sites has spent the last 20 years in life sciences and cancer diagnostics, gaining experience in all areas of healthcare sales and strategic marketing, including developing sales training programs for complex products, business development, reimbursement and new product introductions. His roles included Director of Sales at Plus Diagnostics, and Vice President of Sales at Asuragen. Doug will be tasked with growing the sales force to double-digit team size and corresponding revenues.
“I believe with the addition of the ICP liquid biopsy technology to our academic level diagnostics services, Precipio has a substantial competitive advantage over other providers with commodity offerings,” commented Sites. “I am thrilled to deliver a new standard of diagnostic accuracy saving lives and untold millions of dollars in the process.”
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.
Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to Precipio’s merger with Transgenomic, consolidation of laboratory operations, reductions of accounts payable, 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 12, 2017, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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.