Specialty cancer diagnostics company Precipio,
Inc. (NASDAQ: PRPO), along with its partner ADS Biotec
announce the launch of the beta phase testing for its new IV-cell
cytogenetics culturing media.
Seven of ADS Biotec’s
customers, prominent laboratories located in the US and in Europe
that are part of major healthcare systems, have been recruited by
ADS to participate as beta-sites to evaluate the media in their
laboratory. Upon successful completion of the beta site testing,
both companies anticipate these laboratories will move to
incorporate IV-Cell into their laboratory process, and become
customers.
Additionally, in
collaboration with these laboratories, ADS and Precipio intend to
jointly publish the aggregated results of these beta site tests. We
anticipate that this phase will establish an important foundation
of evidence to demonstrate the benefits of IV-Cell; it will also
serve as a tool to further promote the new product within the
laboratory community.
It is expected that
the beta testing will be completed by the end of the year, and will
incorporate hundreds of patient samples that will be tested in
parallel using IV-Cell to compare results with the media they
currently use. The laboratories have been presented with the
benefits IV-Cell can provide to their operations; the teams have
reviewed with the customers the potential benefits and have
identified those that most resonate with and are important to each
customer. This is crucial market data that will benefit the
partnership’s future marketing efforts of the product.
The ability to deliver
unbiased, independent third-party results from these prominent
laboratories will serve as a key step in advancing both companies'
go-to-market strategy. Following the successful completion of their
testing, we expect that these laboratories can serve as important
testimonials within the marketplace. The cytogenetics community is
a tight one; we believe that word-of-mouth recommendations will
play an influential role in the expansion of the product.
“The value of IV-Cell
as presented to our customers has clearly caught the attention of
some of these prominent laboratories.” said Vijay Dube, CEO of ADS
Biotec. “We will work closely with the team at Precipio and with
our customers to ensure that the successful results are translated
into market adoption, which we can take and further share with our
broad base of customers worldwide.”
“We are delighted to
see the initial fruits of this partnership, in the form of the
recruitment of seven prominent laboratories to try IV-Cell”, said
Ilan Danieli, Precipio’s CEO. “ADS Biotec’s relationships and
credibility with these customers have opened doors, and we are
confident that with the performance of the media in their hands,
they will become ambassadors for further market penetration and
growth of this product. We are excited for the future of this
partnership with ADS”.
Precipio’s IV-Cell
cytogenetics cell culturing media is used by cytogenetics
laboratories as part of the diagnostic process of hematologic
malignancies. The purpose of cell culturing is to grow the cells in
a laboratory setting, mimicking the body’s conditions in order to
identify the potential for abnormalities and malignant cells,
indicating the potential presence of cancer in those cells. IV-Cell
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 ADS Biotec
ADS Biotec, along with
its parent company ADSTEC (Japan), is a global leader in the
development, manufacture and sale of automated instruments and
consumables for use in cytogenetic, pathology and molecular
genetics in clinical diagnostic and research laboratories. Our
technology and services enable our customers to increase
productivity and throughput while maintaining a high degree of
quality and consistency.
ADS Biotec has a truly
global presence with development, sales, and support operations on
three continents, and users in over 30 Countries. Our team, having
over 20 years of experience in this industry, is recognized by our
customers for our advanced instrumentation, superior customer
service, scientific application support, and a very knowledgeable
sales force. With a company-wide commitment to quality and value,
we serve professionals and laboratories performing diagnostic
analysis in the areas of Cytogenetics, pathology, and molecular
genetic analysis. For more information please visit
www.adsbiotec.com.
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. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment such as the Yale School of Medicine and Harvard’s
Dana-Farber Cancer Institute, Precipio offers a new standard of
diagnostic accuracy enabling the highest level of patient care. For
more information, please visit www.precipiodx.com.
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
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cost savings, margins, earnings, earnings per share, diluted
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and uncertainties, and actual results could differ materially from
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and cause results to differ materially from management’s
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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, 2019, 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,
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as of the date of this release. The company undertakes no
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Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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