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Overview of Precipio Inc
Precipio Inc is a distinguished healthcare solutions company dedicated to cancer diagnostics and personalized medicine. At the intersection of molecular diagnostics, clinical laboratory innovation, and personalized care, the company delivers advanced diagnostic solutions that empower oncologists in making precise medical decisions. Its strategic focus on mitigating the challenges of cancer misdiagnoses through innovative diagnostic tests and reagents positions it as a critical player in the healthcare industry.
Advanced Diagnostic Capabilities
The company develops and offers cutting-edge diagnostic products that not only address complex oncology cases but also integrate the latest research findings from renowned medical research institutions. By combining academic research with practical clinical laboratory expertise, Precipio Inc ensures that its diagnostic panels and molecular tests provide highly accurate results. This approach leverages both traditional histopathology and advanced molecular techniques to deliver comprehensive assessments that aid in early and precise cancer detection.
Operational Excellence
Operating under strict regulatory standards, including those set forth by Clinical Laboratory Improvement Amendments regulations, Precipio Inc maintains robust laboratory operations in multiple locations. Its well-equipped laboratories, situated in strategic regions, provide essential blood cancer diagnostics for office-based oncologists across various states. This distributed laboratory model demonstrates the company’s commitment to accessibility and operational reliability, ensuring that state-of-the-art diagnostic services are available to a broad patient demographic.
Integration of Academia and Clinical Practice
One of the uniquely defining aspects of Precipio Inc is its close collaboration with leading academic and research institutions. This synergy is evident in the company’s partnership with world-renowned pathologists and institutions dedicated to advancing cancer research. Such integration not only reinforces the technical accuracy of its diagnostic processes but also keeps the company at the forefront of breakthroughs in personalized medicine. The continuous refinement of diagnostic techniques through academic input highlights the company’s dedication to scientific rigor and excellence.
Innovative Diagnostic Technologies
Precipio Inc offers a portfolio of diagnostic products that include innovative platforms for cancer screening and molecular analysis. Its proprietary test offerings are developed through rigorous research and are designed to identify cancer markers with exceptional precision. This focus on innovation directly addresses the widespread challenge of cancer misdiagnoses, providing clinicians with crucial data and insights. Such efforts ensure that each diagnostic test is both reliable and aligned with modern scientific advancements, facilitating improved patient care and outcomes.
Market Position and Business Model
The company generates its revenue predominantly through services rendered to third-party payers, demonstrating a business model that is deeply integrated with the institutional healthcare ecosystem. By offering laboratory tests that are reimbursable through established insurance frameworks, Precipio Inc effectively bridges the gap between medical innovation and clinical implementation. Its business strategy revolves around the deployment of advanced diagnostic tests within established healthcare networks, thereby enhancing the overall quality of oncology care.
Expertise, Quality, and Trust
Precipio Inc stands out for its commitment to delivering reliable, expert-based diagnostics, ensuring that its partners in healthcare receive the highest quality of analytical support. The company’s precision in diagnostic testing is underpinned by continuous quality improvement efforts and a dedication to scientific validation. Through this commitment, the company fosters trust and credibility among clinicians and healthcare professionals, ultimately aiding in the advancement of personalized medicine as a standard of care.
- Advanced Molecular Diagnostics: Integrating sophisticated lab techniques with clinical expertise.
- Personalized Medicine: Tailoring diagnostic solutions to support individualized patient care.
- Regulatory Compliance: Operating under strict clinical laboratory standards.
- Academic Partnerships: Collaborating with leading research institutions for continuous advancement.
Overall, Precipio Inc offers an intricate blend of innovative diagnostic technologies and robust clinical laboratory operations that enable oncologists to make informed treatment decisions. Its ability to harness academic research and translate it into practical diagnostic applications places the company at a crucial juncture in the evolution of cancer care, providing a comprehensive, accessible, and accurate diagnostic service that many in the healthcare field rely upon.
Precipio, Inc. (NASDAQ: PRPO) announces the appointment of Ron Andrews to its Board of Directors, enhancing its expertise in cancer diagnostics. Andrews, a veteran in product development and commercialization, previously held senior roles at Roche Molecular and Thermo Fisher Scientific. His experience is anticipated to bolster Precipio's strategy around its diagnostic solutions, including HemeScreen. Mark Rimer will step down from his director role but remain a board observer, reflecting his long-term support. This transition signals a pivotal moment for Precipio as it aims for increased revenue and profitability.
Precipio, Inc. (NASDAQ: PRPO) has appointed Richard Sandberg as the new Chairman of the Board, replacing Dr. Douglas Fisher, who will continue as a Director. Mr. Sandberg has been with Precipio since its inception and has a strong background in diagnostics, having founded Dianon Systems, which LabCorp acquired for $650M. Under Fisher’s leadership, the company successfully transitioned post-merger with Transgenomic and improved its business model. Sandberg emphasizes opportunities for growth in diagnostic technology through partnerships with leading academic institutions.
Precipio, Inc. (NASDAQ: PRPO) has initiated the market rollout of a COVID-19 antibody test following the receipt of FDA Emergency Use Authorization for the test developed by Nirmidas Biotech. This test is the first US-based product authorized for point-of-care use, aimed at helping individuals assess their antibody status in relation to vaccination decisions. Precipio has begun distribution to its oncology customers and plans broader market expansion. The test detects antibodies linked to the SARS-CoV-2 spike protein, enhancing vaccine efficacy evaluation as the vaccination campaign progresses.
Precipio, Inc. (NASDAQ: PRPO) has partnered with two major oncology practices, West Cancer Center and New York Cancer & Blood Specialists, to implement its HemeScreen technology. This will enhance turnaround times for crucial molecular tests related to various cancers. The collaboration is projected to generate significant revenue, potentially reaching seven figures. The partnership may also expand opportunities for further testing and reagent sales, thereby increasing market share for Precipio in the oncology diagnostics sector.
Precipio, Inc. (NASDAQ: PRPO) has entered an agreement with a major US oncology distributor to expand its HemeScreen POL program to independent community oncology practices across the nation. This collaboration aims to improve patient care through rapid diagnostics and generate potential revenue of $100,000 annually per participating practice. The HemeScreen Reagent Rental Program will enable practices to perform in-house testing without upfront costs. CEO Ilan Danieli highlighted the alignment of interests between the two companies, aimed at supporting community oncologists effectively.
Precipio (NASDAQ: PRPO) will host its Q3-2020 corporate update call on November 19, 2020, at 5:00 PM ET. The call will focus on the company’s core business updates and its COVID-19 testing initiative.
Participants can join by calling 844-695-5519 or through pre-registration for an easier access.
Listeners are invited to submit questions to management via email. The call will be available for replay on Precipio's website approximately 24 hours post-event.
Precipio, Inc. (NASDAQ: PRPO) and ADS Biotec have initiated beta-phase testing for their new IV-Cell cytogenetics culturing media in prominent US and European laboratories. Seven customer labs, part of major healthcare systems, will evaluate the product, with expectations to integrate IV-Cell into their processes. Testing, expected to conclude by year-end, aims to produce unbiased results to support marketing efforts. Successful outcomes from these tests may enhance market adoption and credibility within the cytogenetics community, boosting the product’s penetration.
Precipio, a specialty cancer diagnostics company, has launched its HemeScreen AML panel for Acute Myeloid Leukemia testing in its CLIA laboratory. This panel allows quicker turnaround times, essential for timely treatment decisions, as patients treated within 4 days of diagnosis significantly improve their survival rates. The HemeScreen AML utilizes key gene mutations for diagnostics and therapy planning. Precipio claims to be the first lab offering same-day results, enhancing patient care and enabling labs to avoid batching samples for testing, thus improving economics and operational efficiency.
Precipio (NASDAQ: PRPO) announces a shareholder call on September 9, 2020, at 5:00 PM EST to discuss its COVID-19 strategy. CEO Ilan Danieli will address pre-submitted questions regarding the company's initiatives and future plans. Shareholders can send inquiries until September 7, 2020, via email. The call can be accessed at the provided phone numbers, and a replay will be available on Precipio's investors page after 24 hours. Precipio focuses on advanced cancer diagnostics in collaboration with top academic institutions to enhance diagnostic accuracy and patient care.
Precipio (NASDAQ: PRPO) has entered into an exclusive global distribution agreement with ADS Biotec for its IV-Cell cytogenetics cell culturing media. The new version of IV-Cell is fully validated and aims to enhance efficiency and accuracy in laboratories. This partnership leverages ADS Biotec's extensive customer base and distribution network, allowing for expedited product rollout. The go-to-market strategy focuses on strategic partnerships instead of building internal sales teams, expected to accelerate market penetration. A beta study is planned for Q4-2020.
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