Precipio Signs First IV-Cell Customer Agreement
Laboratory operating both HemeScreen® & IV-Cell® demonstrates significant cross-sell potential
NEW HAVEN, Conn., May 10, 2022 (GLOBE NEWSWIRE) — Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced today that American Oncology Network (AON) of Fort Myers, Florida, has completed its validation of Precipio’s proprietary IV-Cell® culture media, and will adopt the product for use in its clinical cytogenetics laboratory.
The adoption of IV-Cell by industry leader AON demonstrates Precipio’s ability to identify a critical unmet market need, develop and bring to market a differentiated, high value solution to the customer. Previous launch of HemeScreen® testing by AON in August 2021, combined with this agreement for IV-Cell serve as validation of Precipio’s new strategic business model as a specialty cancer diagnostics products company, and its ability to deliver multiple products to the same customer.
Jacob Diaz, AON’s Laboratory Operations Manager said, “IV-Cell will provide significant technical and operational efficiencies within our laboratory as well as help AON provide a more accurate diagnosis to patients.”
“We are dedicated to building our relationship with AON as we continue to innovate and commercialize our portfolio of high value, differentiated, diagnostic products like HemeScreen. AON’s adoption of this technology solidifies their innovative and leadership position within the market,” said Ilan Danieli, CEO of Precipio. “We are excited for the gradual reopening of laboratories, which enables us to meet with customers in-person and demonstrate the clinical and operational benefits of IV-Cell media within their laboratory, leading to further market penetration both domestically and internationally.”
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. IV-Cell includes all the necessary components for the cell culturing process. It simplifies the process by eliminating the need to cocktail a media mix for each sample, and provides cytogenetics laboratories with both clinical, operational and economic advantages relative to the existing products on the market. For more information please visit our website at http://www.precipiodx.com/ivcell.html.
About American Oncology Network
American Oncology Network, LLC (AON) is an alliance of physicians and seasoned healthcare leaders partnering to ensure the long-term success of community oncology. Launched in 2018, the rapidly expanding AON network currently represents 107 physicians and 85 nurse practitioners and physician assistants practicing across 16 states. The executive management team of AON encompasses more than three decades of oncology practice management experience, enabling physicians to focus on what matters most – providing the highest quality care for patients.
The organization provides unique and comprehensive protocols for managing administrative procedures and enhancing ancillary services for its affiliates. AON is able to aggregate volume and attain economies of scale, as it guides its member physicians and practices through the transition to value-based reimbursement models that improve the patient experience and help to reduce the per capita cost of cancer care.
AON also provides a unique model of physician led, community-based oncology management. With services such as a centralized specialty pharmacy, diagnostics, pathology, fully integrated electronic medical records, a care management team and a variety of financial assistance programs, an alliance with AON ensures that patients’ experiences will be at the very pinnacle of cancer care today. For more information, please visit AONcology.com.
About Precipio
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. Precipio leverages its relationships with world-class academic institutions, coupled with its in-house clinical laboratory which enables its internal product development and testing engine to create and offer proprietary tests and reagents that enhance diagnostic accuracy, and improve patient care. 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.
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