Precipio’s HemeScreen™ Adopted by Methodist Health
April 03 2019 - 7:38AM
Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced today that Methodist Hospital, located in Memphis, TN,
has selected Precipio’s HemeScreen assay for use in its molecular
hematology testing laboratory. Methodist was previously sending out
these tests to a local laboratory, and was experiencing an average
turn-around-time (TAT) of 2-4 weeks.
Methodist has elected to send their patient
samples to Precipio for the HemeScreen assay, where they will be
guaranteed an average of 2-4 days TAT. Faster, high quality testing
services offer opportunity for faster clinical decisions that lead
to better patient care. Moreover, Methodist will also gain economic
value from the relationship. A hospital with patient volume such as
the Memphis, TN Methodist hospital, the first hospital to use the
assay in their region, may generate recurring annual revenues of
between $50-100K for Precipio.
HemeScreen clinical value
Under the published WHO guidelines, patients
with Myeloproliferative Disorders (MPD) and Myelodysplastic
syndrome (MDS) are required to be tested for the gene mutations
included in the HemeScreen panel. These mutations include both
therapeutic mutations which indicate the patient’s potential
response to a targeted therapy; as well as prognostic mutations,
which indicate how aggressive the tumor may be, and subsequently
how rapidly the cancer may progress.
These insights into the patient’s condition are
critical to the immediate therapy decisions a physician must make,
and therefore time is of the essence to receive results for these
tests. Laboratories typically provide a TAT of 2-3 weeks for
results on all 4 mutations; this can become a substantial waiting
period for physicians and their patients awaiting this critical
information, in order to begin treatment.
Precipio’s HemeScreen average TAT of 2 days is a
welcomed advance in the clinical support laboratories can provide
to the physicians and patients they serve. Due to the attractive
cost structure of Precipio’s RUO reagents, laboratories can afford
to significantly reduce their batch size, thereby delivering a
faster TAT in a more cost-effective manner.
“The rapid adoption of HemeScreen demonstrates
the validation of our business model as both a clinical laboratory
and an incubator for new technologies which we are able to
successfully commercialize”, said Ilan Danieli, Precipio’s
Executive Officer. “By dealing with real-life problems encountered
daily in our lab, we are able to identify, file for patent,
develop, and then test various technologies, ultimately selecting
the winning ones to bring to market. HemeScreen is an example of a
technology that has traveled from an idea in our lab last year, to
a growing revenue contributor in 2019”.
Two Hospital Implementation
Models
Due to the various sizes of hospitals within the
market, their volume, and their clinical needs, Precipio has
established two implementation models for HemeScreen:
- In-house model. For those hospitals who wish to set up and run
the HemeScreen panel in house, Precipio offers an entire A-to-Z set
up process and technical support to ensure a successful
internalization of HemeScreen as an RUO (Research Use Only) assay.
This includes providing the necessary validation materials and
specimens, as well as assisting the laboratory in creating its SOPs
as a laboratory-developed test (LDT). Laboratories choosing to set
up the test in house will have the flexibility to provide a
turnaround time as short as 1 day for this important panel, far
outpacing current TAT of 2-3 weeks. This while providing a
technology enabling the hospital to run this assay in a more
cost-effective manner.
- Send-out model. For those hospitals that prefer to send the
test out, Precipio offers a level of service that provides the
hospital with outstanding TAT and exceptional quality.
For more information on either of these models,
please contact us at bd@precipiodx.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
Certain statements in this press release
constitute “forward-looking statements,” within the meaning of
federal securities laws, including statements related to HemeScreen
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, 2018 and on the
Annual Report on Form 10-K for the year ended December 31, 2017 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.
Inquiries:investors@precipiodx.com +1-203-787-7888
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Apr 2023 to Apr 2024