Precipio, Inc. - PRPO STOCK NEWS

Precipio, Inc. (NASDAQ: PRPO) has launched an enhanced version of its Bloodhound MPN (Myeloproliferative Neoplasm) panel that can now differentiate between CALR type 1 and type 2 mutations. This advancement aligns with the latest National Comprehensive Cancer Network (NCCN) guidelines released in August 2024. The new panel is the only quantitative PCR-based panel on the market that distinguishes between CALR types alongside other relevant genes for MPN evaluation.

The inclusion of CALR mutation subtyping is significant for MPN patient care, as it can influence treatment strategies and outcomes. CALR gene mutations are prevalent in various myeloproliferative neoplasms and play a critical role in disease prognosis and therapeutic decision-making. The distinction between CALR types can indicate disease progression severity and inform physicians on specific treatment needs.

Precipio (NASDAQ: PRPO) announces the repricing of a portion of its employee stock options to enhance retention in the competitive cancer diagnostics industry. The company is repricing only options granted before 2023, representing 58% of outstanding options, from a weighted average strike price of $57.22 to $6.56. This change affects primarily already vested options (88%) and includes a one-year lock-in period. Management emphasizes that this decision aims to create shareholder value by retaining valuable employees without impacting cash or revenue. The repricing is expected to realign incentives and motivate employees to contribute to the company's success, ultimately benefiting shareholders through potential share price appreciation.

Precipio, Inc. (NASDAQ: PRPO), a specialty cancer diagnostics company, has announced its Q2-2024 shareholder update call scheduled for August 19, 2024, at 5:00 PM EDT. The conference call will provide updates on the company's core businesses and can be accessed by calling 844-695-5519 (or 1-412-902-6760 for international callers).

Participants can pre-register for the call at a provided link to receive a calendar invite and direct dial-in number. Shareholders can submit questions in advance via email to investors@precipiodx.com. A replay of the call will be available approximately 24 hours after the event on Precipio's website investor page.

Precipio, Inc. (NASDAQ: PRPO), a specialty cancer diagnostics company, has reported $0.3M cash generated by operations (unaudited) in Q2-2024. This positive cash flow marks a significant milestone as the company advances towards breakeven. With cash reserves of approximately $1.3M at the end of Q2-2024 and a promising business pipeline, management is optimistic about reaching breakeven by year-end.

CEO Ilan Danieli expressed satisfaction with the company's progress, highlighting the transition away from structured deals that may harm shareholders. The improved cash position alleviates the need for capital raises in the foreseeable future, allowing Precipio to focus on building a strong base of long-term healthcare shareholders.

Precipio Inc (NASDAQ: PRPO) reported unaudited Q2-2024 revenues of $4.4M, marking a 30% increase from Q1-2024's $3.4M. The company's Pathology Division reached its breakeven point in June, with anticipated growth to $1.5 million per month by year-end. The Products Division is onboarding three key accounts with full HemeScreen assay portfolios, expected to push the division past its breakeven threshold. Two accounts are projected to go live in Q3-2024, with the third following in Q4-2024. CEO Ilan Danieli expressed optimism about the company's progress towards profitability in 2024, citing growing customer demand for their offerings in both divisions.

Precipio, a specialty diagnostics company, announced the adjournment of their 2024 Annual Meeting of Shareholders due to a lack of quorum. The meeting will reconvene virtually on June 21, 2024, at 9 a.m. ET. Shareholders who have not yet voted are urged to do so through their broker or online at www.proxyvote.com. Votes must be submitted by June 20, 2024, 11:59 p.m. ET. CEO Ilan Danieli emphasized the importance of obtaining a quorum to avoid additional costs. The record date for voting eligibility remains April 19, 2024. Previous proxies remain valid, and instructions for voting changes are provided in the Definitive Proxy Statement available on the company's website and the SEC's website.

Precipio, a specialty cancer diagnostics company, urgently requests shareholders to vote by today, June 12, 2024, to ensure a quorum for their Annual Shareholders Meeting scheduled for tomorrow, June 13, 2024. As of now, only 44% of shares have been voted, and at least 50% is needed. Failure to achieve this quorum could result in rescheduling, which may cost the company up to $100,000, compared to the less than $5,000 for the current meeting. Shareholders are urged to instruct their brokers to vote by 11 p.m. Eastern Time to avoid these potential costs.

Precipio, a specialty cancer diagnostics company, provided a business update addressing several key areas. In Q3 2023, the pathology division surpassed its $15M annual revenue breakeven point but faced setbacks in the following quarter. The company has rectified operational issues and expects to breach the breakeven point again by Q3 2024. On the products side, delays due to technical and supply chain issues have been resolved, with significant customer onboarding anticipated to drive revenue growth. The company was impacted by the Change Healthcare hacking but expects normal operations to resume by Q3 2024. A recent FDA ruling on Laboratory Developed Tests (LDTs) will require Precipio to submit its products for FDA approval over the next four years, at an estimated cost of $250,000. Precipio's CEO expressed confidence in reaching breakeven this year and highlighted an upcoming shareholder meeting on June 13, 2024.

Precipio, Inc. (NASDAQ: PRPO) has secured a $500K short-term loan facility to address cash collection delays due to Change Healthcare's cybersecurity attack. The loan will help manage any temporary cashflow deficits impacting the company's Diagnostic Services division. While the cybersecurity incident affected CH's cash reserves, Precipio's Products division remains unaffected. The loan allows flexibility in borrowing and repayment, ensuring operational liquidity.