Precipio Ships First IV-Cell® Order to Major US Healthcare System
Products Division revenues begin to diversify beyond HemeScreen®
NEW HAVEN, Conn., March 21, 2023 (GLOBE NEWSWIRE) — Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) delivered its first order of IV-Cell®, the Company’s proprietary cytogenetics cell culturing media, to a major US healthcare system. The healthcare system (unnamed for competitive reasons) has successfully completed the validation of the media and will begin the gradual incorporation into clinical use.
About IV-Cell® Media
Precipio’s IV-Cell® culturing media is a critical reagent intended to be used by cytogenetics laboratories to simplify, speed up and provide greater accuracy of their hematologic (blood cancer) diagnostic processes. It simplifies the cell culturing process by eliminating the need for special mixtures of multiple components for each sample, and provides cytogenetics laboratories with clinical, operational and economic advantages to speed up output and improve their operating costs. For more information please visit our website at https://www.precipiodx.com/products/iv-cell-cytogenetics-media/.
“Although the Products Division remains focused on HemeScreen, its important to remind our stakeholders in the healthcare community that Precipio is not a single-product company,” said Ilan Danieli, Precipio’s CEO. “Our R&D team continues to improve our existing product lines, as well as explore and develop new concepts.”
Several laboratories (both domestically and internationally) have submitted inquiries about the product; and subsequently, Precipio technical team members have been working with customers to introduce the media, demonstrate its effectiveness, and assist in the onboarding process.
Ilan Danieli, Precipio’s CEO, also commented, “Precipio remains true to its vision as a provider of proprietary, clinically-relevant, workflow-efficient and economically attractive products, tested and developed in its clinical laboratory. I’m pleased to see the future diversity of revenue as we expand our business.”
About Precipio
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, as well as proprietary products that serve laboratories worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit https://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.
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CONTACT: Inquiries: investors@precipiodx.com +1-203-787-7888 Ext. 523
