Precipio Launches New 1-Step Technology for all HemeScreen Assays

Rhea-AI Summary

Precipio, Inc. (NASDAQ: PRPO) has launched its second-generation HemeScreen panels, streamlining cancer diagnostic processes. The new 1-step assay eliminates the previous 2-step confirmation, allowing same-day test results within about 3 hours. This upgrade not only accelerates turnaround time but also reduces bench work by 25%, saving laboratories time and costs. Preliminary discussions suggest strong customer interest in upgrading to this enhanced version, which has been clinically validated in Precipio’s certified lab. The firm aims to lead the market in cancer diagnostics.

Positive

• Launch of second-generation HemeScreen panels improves diagnostic efficiency.
• Elimination of the confirmation step reduces turnaround time to approximately 3 hours.
• New assay decreases bench work required by about 25%, saving time and costs for labs.
• Strong customer interest in upgrading to the new product version.

Negative

• None.

New technology enables same day test results by eliminating extra confirmation step

NEW HAVEN, Conn., Aug. 16, 2022 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces the launch of its second generation of HemeScreen panels. Precipio’s customers using HemeScreen in their laboratory will have the option of upgrading to the 1-step assay, or remaining with the current assay.

While the first generation of panels required a 2-step process that included a positive-confirmation step, the new version no longer requires this step. This means that both positive and negative results can be reached at the completion of the assay run within approximately 3 hours.

The simplification of the process not only shortens turnaround time (TAT) of delivering results to the clinician; it also reduces by approximately 25% the bench work required by the lab tech to complete the assay, thus saving the laboratory time and expense. Preliminary discussions with most of our customers indicate they will upgrade to the new version of the product.

The new version of the assay has been tested extensively and validated at Precipio’s R&D facility. Over the past several months Precipio’s CLIA/CAP certified laboratory has been using it clinically, and has accumulated sufficient data demonstrating its clinical and operational utility. Now, the Products Division will be releasing this updated version to its HemeScreen customers.

“The constant improvement of its technologies is the true sign of an innovative company that is determined to become a market leader”, said Keith Meadors, Senior Vice President of Precipio’s Products Division. “Our model of utilizing our clinical laboratory to develop new technologies, test them in our clinical laboratory, and then launch them as a product for other labs to benefit from is proving to be very attractive to our customers. I’m excited to continue to work with our R&D to provide products that enable our customers to deliver the best care to cancer patients.”

About Precipio

Precipio Inc. is a healthcare company focused on cancer diagnostics. The Company’s mission is to address the pervasive problem of cancer misdiagnosis by developing products to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. Industry studies estimate 1 in 5 blood-cancer patients are misdiagnosed. As cancer diagnostic testing has evolved from cellular to molecular (genes and exons), laboratory testing has become extremely complex, requiring even greater diagnostic precision to effectively gather, analyze and present information for the physician for patient treatment. Precipio has built a robust specialty cancer diagnostics platform that enables the rapid development of highly differentiated, proprietary clinical diagnostics products which provide superior clinical, operational, and economic benefits to laboratories worldwide. By delivering diagnostic products, reagents and services that improve the accuracy and efficiency of diagnostics, leading to fewer misdiagnoses, we believe patient outcomes can be improved through the selection of appropriate therapeutic options. Furthermore, we believe that better patient outcomes will reduce/lower healthcare costs as misdiagnoses are reduced.

For more information, please visit www.precipiodx.com.

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Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and the company, on our business, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, growth, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management’s estimates, beliefs, assumptions and projections. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations, or could affect the company’s ability to achieve its strategic goals, include the uncertainties relating to the impact of COVID-19 on the company’s business, operations and employees and the other factors that are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis” in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated from time to time in the company’s Securities and Exchange Commission filings.

The company’s forward-looking statements in this press release are based on management’s current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws. 

FAQ

What is the significance of Precipio's new HemeScreen panels launched on August 16, 2022?

The new HemeScreen panels allow for same-day test results and reduce laboratory work by 25%, enhancing efficiency in cancer diagnostics.

How does the new 1-step assay of HemeScreen improve lab operations?

The 1-step assay simplifies the process, eliminating the confirmation step, allowing results in 3 hours and reducing the workload for laboratory technicians.

What customer responses has Precipio received regarding the new HemeScreen panels?

Preliminary discussions indicate most customers plan to upgrade to the new version of the HemeScreen, reflecting strong interest and potential market acceptance.