Largest healthcare provider in New York becomes the first IV-Cell customer
NEW HAVEN, CT, (December 17th, 2019) – Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), today announced that Northwell Health, New York’s largest healthcare provider, will utilize Precipio’s proprietary IV-Cell media for all relevant cytogenetics cases throughout its entire provider network.
Precipio’s IV-Cell media has demonstrated an ability to reduce cost and labor for cytogenetics laboratories by as much as 50% and an ability to improve clinical accuracy by eliminating potential false negatives in 25%+ of karyotyping results. This is the same technology used in Precipio’s commercial laboratory that has generated superior accuracy for its oncologists and their patients. Management estimates that the operational and clinical benefits of IV-Cell are attractive to a $100M+ existing global market and would complement the Company’s existing pathology business.
“The order from Northwell is an example of the potential in our growing pipeline of prospective laboratory users of IV-Cell which further substantiates Precipio’s ability to develop practical solutions to real problems. With additional commercial orders like this, IV-Cell is projected to have a meaningful impact on the company’s financial performance and shareholder value,” said Ilan Danieli, Precipio CEO. “Nobody has waited more for this exciting moment. The first sale is always the toughest one, and we are fortunate to have an innovative partner such as Northwell Health to recognize the benefits of this cutting-edge technology.”
Northwell’s commitment serves as a validation of Precipio’s business model as both a provider of high-quality clinical services and a proprietary technology developer. Northwell Health currently treats more New Yorkers for cancer than any other health care provider in its region, with an operating budget of $12 billion, managing 23 hospitals and more than 750 outpatient facilities that serve over 5.5 million patients annually.
Precipio’s proprietary cell-culture media represents a significant advancement over an inefficient and decades-old method employed throughout the cytogenetics diagnostics market. IV-Cell is a proprietary cell culture medium, developed at Precipio and sold on an RUO basis to cancer cytogenetics labs, which enables laboratories to culture multiple cell lineages simultaneously, thereby increasing the likelihood of selecting the correct one for analysis. This is a key component of both obtaining critical diagnostic and prognostic information to efficiently arrive at an accurate diagnosis of various blood and bone marrow-related cancers. Currently available media on the market require manual, up-front selection of one target cell lineage, thereby reducing the likelihood of a correct result.
Precipio designed the IV-Cell media to deliver a higher resolution of the chromosome bands, enabling a deeper look at the chromosomes, and resulting in faster and more accurate analysis. IV-Cell includes all necessary components required to conduct the cell culturing including fetal bovine serum and all necessary mitogens in pre-mixed format, ready to use by the cytogenetics laboratory without the need for any reconstitution or preparation. With the use of only one complete media, Precipio’s IV-Cell provides a reduction in the cost of reagent purchasing, inventory management and quality control tasks instead of current industry use of multiple cell culture media types that require reconstitution and further preparation before use.
For more information on IV-Cell please email us at [email protected] or call 203.787.7888.
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 May 29, 2018, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 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.