First cases already diagnosed and reported by Penn expert pathologists
NEW HAVEN, CT, (September 5th, 2019) - Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced today a major development toward expanding cancer patient access to world class pathology diagnostics through a new joint collaboration with the Department of Pathology and Laboratory Medicine in the Perelman School of Medicine, at the University of Pennsylvania (“Penn”).
This marks a significant step forward for Precipio in expanding its academic partner platform to meet the rapidly growing volume in its pathology business. Precipio’s vision is to combine leading academic sub-specialized expertise with the highest quality laboratory processes to eradicate the problem of misdiagnosis.
With the addition of Penn, Precipio continues to grow its unique platform and provide its customers with access to the largest academic pathology expertise network worldwide.
“We are delighted that through this collaboration, our expertise will further benefit physicians and their patients worldwide,” said Dr. David Roth, Chairman of the Department of Pathology at the University of Pennsylvania. “For many years we have contemplated additional ways to branch out beyond our catchment area and expand our services. This collaboration provides an attractive way to accomplish that.”
Precipio’s value proposition
Precipio’s strategy is to leverage academic expertise to help eradicate the problem of cancer misdiagnosis. While the industry rate of misdiagnosis varies from 5-25% of patients1 2 (depending on the type of cancer), through this collaborative approach Precipio has reached a level of 99% concordance between expert hematopathologists and Precipio in the types of cancers we specialize in.3
Oncologists are critically reliant on pathology to provide them with the right diagnosis. Precipio’s customers are supported by a backbone of premier academic pathologists that span a broad range of subspecialties, providing vital expertise to help their patients in their battle with cancer.
Academic pathologists maintain their high level of expertise through teaching at the medical school; conducting research, authoring publications, and attending and often speaking at various industry conferences. These activities are critical to ensuring that faculty are at the cutting edge of the industry and continue to develop their expertise. Through this collaborative platform, Precipio accesses this world-class expertise, making that collected knowledge and experience available to its oncology customers.
Growth, scale and capacity
In anticipation of our continued growth in the current and next quarter of 2019 and continuing into 2020, it was critical to ensure that we have ample capacity to serve our customers in a timely manner. With the addition of Penn to Precipio’s platform we will be significantly increasing our capacity. With this collaboration we estimate that Precipio can comfortably handle in excess of $25M revenue per year in pathology services business.
Precipio plans to remain ahead of the curve and expand our academic network, providing both capacity growth, as well as a strategic competitive advantage stemming from these unique and exclusive arrangements. Precipio’s platform will continue to strive to provide physicians and patients around the world unparalleled access to world-class expertise.
“Adding the University of Pennsylvania to our platform and the adoption by an institution of this caliber is further validation of the strength and value of our model,” said Ilan Danieli, CEO of Precipio. “We are now able to scale up the business and will continue to add other leading universities to our platform, further diversifying our expertise and enabling us to take on additional volume to continue to grow the business.”
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, Harvard’s Dana-Farber Cancer Institute, and the University of Pennsylvania, 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 statements related to ICP technology, 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 definitive proxy statement filed on April 19, 2019 , the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 and on the Annual Report on Form 10-K for the year ended December 31, 2018 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.
3 Based on Precipio internal data