Precipio to capitalize on powerful data and expertise to grow business globally
NEW HAVEN, CT, (April 24, 2019) - Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO) announces the launch of Precipio’s global pathology services. The services are intended to create a renewed and enhanced revenue stream by monetizing the expertise and network of world-class academic specialized oncology pathologists, which was developed by Precipio.
The rationale for the global expansion is based on the operational models developed in the US, where access to expert, sub-specialized pathologists is critical when attempting to correctly diagnose cancer and develop an appropriate treatment plan. Similarly, in countries around the world there is the same need for access to the expertise provided by Precipio. At the heart of it all, clinicians around the world and their patients are confronted with the same challenges that begin with the need to correctly diagnose cancer.
Led by Ori Karev, Precipio's recently hired Chief Strategy Officer, Precipio has already launched discussions with leading hospitals, healthcare providers and regional health insurance carriers to discuss implementation of Precipio's model in their respective countries.
Services & Market Potential
The services which may be offered will include the following:
1. Expert pathology services: Whether a primary diagnosis or a second medical opinion, clinicians will be able to easily submit biopsies (physically or digitally) for an expert review and diagnosis. This is a service Precipio has been offering internationally on a limited basis for quite some time; whereas now, Precipio aims to enable access to this service on an institutional level with various global partners.
In the countries currently targeted, we have estimated that the patient population (with the financial ability to pay for these services) represents a total market opportunity for Precipio of more than one billion dollars.
2. Proprietary Technologies: Precipio will also offer certain international partners access to the various proprietary technologies developed by the company, including but not limited to: ICE-COLD PCR, the company’s liquid biopsy technology; IV-Cell, Precipio’s cytogenetics media; and HemeScreen (its advanced molecular screening panel).
The above mentioned technologies offer advanced testing at a low cost, presenting an appealing offering to various countries with developing economies around the world. Precipio estimates the annual available global (excluding US) revenue potential for each of these technologies may be in excess of $50M.
Geographic Market penetration
Initial countries targeted include India, China, Malaysia, the gulf countries in the Middle East, as well as various European countries. Much of this accessible through Mr. Karev's vast network, Precipio has already engaged some of the major entities in these countries, and projects revenues to begin later this year.
“Precipio has spent the last seven years building an extraordinary skill set and expertise, backed by solid data of results in the US,” said Ori Karev, Precipio's Chief Strategy Officer. “It is now time to take that expertise and translate it into revenue from multiple global partners who are eager to benefit from the same value proposition.”
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.
Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws including financial projections related thereto and potential market opportunity, plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed on April 16, 2019 as well as the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.