Precipio and University of Pennsylvania Enter into Joint Collaboration Agreement for Pathology Diagnostics
September 05 2019 - 9:15AM
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.”
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, 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.
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 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.
____________________________1
https://ascopubs.org/doi/full/10.1200/JOP.2013.0012042
https://www.ncbi.nlm.nih.gov/pubmed/213435553 Based on Precipio
internal data
Inquiries:
investors@precipiodx.com
+1-203-787-7888
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Sep 2023 to Sep 2024