NEW HAVEN, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) — Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), along with its partner ADS Biotec announce the launch of the beta phase testing for its new IV-cell cytogenetics culturing media.
Seven of ADS Biotec’s customers, prominent laboratories located in the US and in Europe that are part of major healthcare systems, have been recruited by ADS to participate as beta-sites to evaluate the media in their laboratory. Upon successful completion of the beta site testing, both companies anticipate these laboratories will move to incorporate IV-Cell into their laboratory process, and become customers.Additionally, in collaboration with these laboratories, ADS and Precipio intend to jointly publish the aggregated results of these beta site tests. We anticipate that this phase will establish an important foundation of evidence to demonstrate the benefits of IV-Cell; it will also serve as a tool to further promote the new product within the laboratory community.It is expected that the beta testing will be completed by the end of the year, and will incorporate hundreds of patient samples that will be tested in parallel using IV-Cell to compare results with the media they currently use. The laboratories have been presented with the benefits IV-Cell can provide to their operations; the teams have reviewed with the customers the potential benefits and have identified those that most resonate with and are important to each customer. This is crucial market data that will benefit the partnership’s future marketing efforts of the product.The ability to deliver unbiased, independent third-party results from these prominent laboratories will serve as a key step in advancing both companies’ go-to-market strategy. Following the successful completion of their testing, we expect that these laboratories can serve as important testimonials within the marketplace. The cytogenetics community is a tight one; we believe that word-of-mouth recommendations will play an influential role in the expansion of the product.“The value of IV-Cell as presented to our customers has clearly caught the attention of some of these prominent laboratories.” said Vijay Dube, CEO of ADS Biotec. “We will work closely with the team at Precipio and with our customers to ensure that the successful results are translated into market adoption, which we can take and further share with our broad base of customers worldwide.”“We are delighted to see the initial fruits of this partnership, in the form of the recruitment of seven prominent laboratories to try IV-Cell”, said Ilan Danieli, Precipio’s CEO. “ADS Biotec’s relationships and credibility with these customers have opened doors, and we are confident that with the performance of the media in their hands, they will become ambassadors for further market penetration and growth of this product. We are excited for the future of this partnership with ADS”.Precipio’s IV-Cell cytogenetics cell culturing media is used by cytogenetics laboratories as part of the diagnostic process of hematologic malignancies. The purpose of cell culturing is to grow the cells in a laboratory setting, mimicking the body’s conditions in order to identify the potential for abnormalities and malignant cells, indicating the potential presence of cancer in those cells. IV-Cell provides cytogenetics laboratories with both clinical, operational and economic advantages relative to the existing products on the market. For more information please visit our website at http://www.precipiodx.com/ivcell.html.About ADS BiotecADS Biotec, along with its parent company ADSTEC (Japan), is a global leader in the development, manufacture and sale of automated instruments and consumables for use in cytogenetic, pathology and molecular genetics in clinical diagnostic and research laboratories. Our technology and services enable our customers to increase productivity and throughput while maintaining a high degree of quality and consistency.ADS Biotec has a truly global presence with development, sales, and support operations on three continents, and users in over 30 Countries. Our team, having over 20 years of experience in this industry, is recognized by our customers for our advanced instrumentation, superior customer service, scientific application support, and a very knowledgeable sales force. With a company-wide commitment to quality and value, we serve professionals and laboratories performing diagnostic analysis in the areas of Cytogenetics, pathology, and molecular genetic analysis. For more information please visit www.adsbiotec.com.About PrecipioPrecipio 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 StatementsThis press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and the company, on our business, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, growth, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management’s estimates, beliefs, assumptions and projections. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations, or could affect the company’s ability to achieve its strategic goals, include the uncertainties relating to the impact of COVID-19 on the company’s business, operations and employees and the other factors that are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis” in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated from time to time in the company’s Securities and Exchange Commission filings.The company’s forward-looking statements in this press release are based on management’s current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
Bay Street News
