Largest healthcare provider in New York becomes the first IV-Cell customer
NEW HAVEN, CT / ACCESSWIRE / December 17, 2019 / Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), today announced the receipt of their first commercial order for IV-Cell from Northwell Health. Precipio estimates generating considerable six-figures in annual revenues to the company as the first midsize customer to adopt IV-Cell.
Northwell Health is New York's largest private employer and health care provider, with a $12B operating budget, 23 hospitals and more than 750 outpatient facilities; and serving over 5.5 million patients annually. Northwell Health treats more New Yorkers for cancer than any other health care provider in the region.
The company's proprietary cell-culture medium represents a significant advancement over an inefficient and decades-old method employed throughout the cytogenetic diagnostic testing market. The adaptation of IV-Cell by Northwell Health will streamline its cytogenetics laboratory to achieve rapid, more accurate results in blood-related cancer testing. Northwell Health intends to use IV-Cell for all relevant cytogenetics cases within their entire laboratory system, benefiting patients with leukemia, myelodysplasia, myeloproliferative disorders and other hematologic malignancies.
IV-Cell is expected to become a significant revenue driver for the company, and management anticipates that its cell culture medium as well as other proprietary technologies developed and commercialized by the company, will become substantive contributors to the company's revenues and earnings going forward, establishing a more diversified revenue portfolio for the company.
"Acceptance by a formidable organization such as Northwell Health demonstrates the strength and value of our intellectual property. It also serves as a validation of our business model as both a provider of high-quality clinical services; and a proprietary technology developer," said Ilan Danieli, CEO of Precipio. "Nobody has waited more for this exciting moment. The first sale is always the toughest one, and we are fortunate to have an innovative partner such as Northwell Health to take this step. This is the first of many ongoing processes we have with numerous prospective customers in various stages of the pipeline, that further substantiate Precipio's ability to develop practical solutions to real problems, and generate significant commercialization opportunities. This customer, and many more to come, will have a meaningful impact to the company's financial performance and on shareholder value".
IV-Cell is a proprietary cell culture medium, sold on an RUO basis and developed at Precipio, which enables cancer cytogenetics laboratories to culture multiple cell lineages simultaneously, thereby increasing the likelihood of selecting the correct cell lineage for cytogenetic analysis. This is a key component of both obtaining critical diagnostic and prognostic information to efficiently arrive at an accurate diagnosis of various blood and bone marrow-related cancers. Currently available media on the market require manual, up-front selection of one target cell lineage, thereby reducing the likelihood of a correct result.
Additional benefits include a higher resolution of the chromosome bands, enabling a deeper look at the cytogenetics resulting in faster and more accurate analysis. IV-Cell includes all necessary components required to conduct the cell culturing including fetal bovine serum and all necessary mitogens in pre-mixed format, ready to use by the cytogenetics laboratory without the need for any reconstitution or preparation. With the use of only one culture media, IV-Cell provides a reduction in the cost of reagent purchasing, inventory management and quality control tasks instead of multiple cell culture media types that require reconstitution and further preparation before use.
For more information on IV-Cell please email us at [email protected] or call 203.787.7888.
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.
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 May 29, 2018, the Company's Quarterly Report on Form 10-Q for the quarter ended September 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.
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SOURCE: Precipio, Inc.