NEW HAVEN, CT, (April 18th, 2018) - Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced today it is in active licensing discussions with several potential partners regarding IV-Cell, Precipio’s proprietary cytogenetics media.
External validations and evaluations are ongoing alongside commercial discussions to out-license the rights, which we expect to be completed within the current quarter. All potential partners possess both the manufacturing and global distribution capabilities, and are significant market players in the diagnostic reagents industry, with specific expertise in cytogenetics media manufacturing and distribution.
The US market for cytogenetics reagents is estimated to exceed $100M annually; worldwide, the market is estimated at approximately $250M.
The potential partners all possess a global footprint and because the field of cytogenetics reagents has seen little advancement in the past 25 years, this presents an opportunity for breakthrough media like IV-Cell.
IV-Cell Key Advantages
Cytogenetics media is used to culture cells to mimic development of malignant cells in the body, and identify chromosomal abnormalities that may be causing cancer. This process helps the diagnostician identify abnormalities within the patient’s cells, in order to determine both the diagnosis (type) and prognosis (severity) of the disease.
IV-Cell provides two substantial improvements over current media used in the market.
First, it enables laboratory technicians to culture multiple cell lineages simultaneously, compared to existing media requiring upfront selection of a single target cell lineage which, once made cannot be changed. If the wrong cell lineage was selected, this could result in a mistaken diagnosis. Precipio’s internal data indicates that the potential selection of the incorrect cell lineage (based on the clinical indication submitted) can occur in up to 30% of cases.
Using IV-Cell can provide the laboratory a more complete picture of the patient specimen, and can ultimately lead to a more accurate diagnosis by reducing the chance that the wrong cell lineage has been selected.
The second improvement is the generation of higher resolution of the chromosomal bands (by approximately 20%), which can improve the cytogeneticists’ ability to correctly identify abnormalities, also driving accuracy.
Other advantages include simpler and less expensive inventory management for laboratories, since with IV-Cell, laboratories can use one media to cover all four cell lineages, rather than purchase and carry four different medias (one for each cell lineage).
Precipio developed the cytogenetics media earlier in 2017 and has been using IV-Cell clinically in its laboratory for the past year.
"The interest we’ve received in IV-Cell underscores the impact this product can make on a market largely void of material advancements for 25 years,” said Ilan Danieli, President and Chief Executive Officer of Precipio. "Ultimately this goes directly to our vision of reducing diagnostic errors and saving lives through multiple avenues, combining academic expertise and innovation to deliver a more accurate diagnosis."
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.
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