Precipio Launches Global Expansion Strategy
April 24 2019 - 9:01AM
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.”
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 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888
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