Global Expansion Efforts Begin Yielding Results
July 22 2019 - 10:00AM
Specialty Diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced today that in conjunction with its global expansion
efforts, it has begun to establish distribution partnerships in
Asia, which may yield early stage revenues as soon as Q4 of this
year.
These activities continue to move Precipio in the direction of
global expansion as well as revenue growth & diversification,
by capitalizing on our assets to provide markets outside the US
with the products and services they need. This also provides the
company with unencumbered-by-insurance reimbursement, high-margin
revenues which contribute to growing both the top and bottom
lines.
Penetration Strategy
Precipio’s value proposition to International
customers includes two key areas:1. World class academic-level
pathology expertise2. Innovative, proprietary laboratory
technologies (such as IV-Cell™, HemeScreen™ and ICP).
Pursuant to Precipio’s strategic plan led by Chief Strategy
Officer Ori Karev, the Company determined that the optimal approach
to penetrating non-US markets is to first promote our proprietary
technologies. These technologies meet an immediate customer need by
replacing 3rd party products currently used, with our substantially
improved technology-driven products.
During the last few months, the company conducted meetings with
numerous hospitals and reference laboratories in Singapore,
Malaysia, India and Thailand. Most institutions visited expressed a
strong interest in using our products, and subject to a successful
validation, they expect to incorporate our products into their
existing work processes. Precipio estimates the potential annual
revenue from the Asian customers visited to be approximately $5M
annually.
The company has commenced arrangements for trials in Asia which
we expect will take place this quarter. An initial shipment has
already arrived to Asia for customers to begin testing our
products, and we are setting up local partnerships to support
localized logistics operations necessary to handle shipping,
importation and regulatory aspects of delivering these products to
our customers.
We expect to make announcements of agreements with partners,
clients and distributors, as the case may be, as soon as they are
finalized. In parallel, Precipio continues to develop its business
in other key geographic areas such as South America, Europe, and
the UAE.
“The enthusiastic response we have received in Asia has
validated our value proposition, and we are excited to make the
move from ideation and strategy to implementation within 3 months
from the time we embarked on our global expansion strategy,” said
Ori Karev, Precipio’s Chief Strategy Officer. “Testing the waters
through our recent Asian visit is only the beginning - we will
continue to utilize our global contact network to grow our
relationships in order to capitalize on our value propositions
outside of the US, while significantly contributing to revenue
growth.”
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 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 March 31, 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888
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