NEW HAVEN, CT, (May 06, 2019) - Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced that it is in the process of completing a trial of its Proprietary IV-Cell media with a significant laboratory (name undisclosed at this time). The purpose of the trial is to demonstrate the capabilities of Precipio’s proprietary IV-Cell media within the cytogenetics department alongside the existing media used; and compare results. Upon successful completion of the study, Precipio and the laboratory shall continue their commercial discussions to become the lab’s provider of the IV-Cell media for ongoing clinical use within its cytogenetics laboratory.
As part of its commercialization initiative of the IV-Cell media, Precipio’s commercial team is contacting key strategic laboratories globally in order to conduct similar trials of the media. The goal is to reach several customers by year end, generating 7-figure revenue from the sale of the media.
Additionally, Precipio is in the final stages of negotiations with a large-scale manufacturer for the media. Upon the signing of the manufacturing agreement, Precipio will announce the name of the manufacturer to the market and commence production and supply of the media to its laboratory customers.
“We are pleased with the positive responses we have received from these large laboratories, who are expressing keen interest in incorporating our IV-Cell media into their cytogenetics operations with a goal of replacing their current media.” said Stephen Miller, Precipio’s Chief Commercial Officer. “This market is eager to deploy superior results-driven and innovative solutions which drive improved outcome-based clinical, operational and economic value to cytogenetics laboratories.
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 financial projections related thereto and potential market opportunity, 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 Definitive Proxy filed by the Company on April 29, 2019 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed on April 16, 2019 as well as 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.