Precipio Enters into Collaboration with Prestigious New York-based Institution to Develop Revolutionary Brain Tumor Panel using HemeScreen® Technology
New panel will enable rapid, precise genetic profiling of patients with deadly disease
NEW HAVEN, Conn., June 13, 2023 (GLOBE NEWSWIRE) — Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that it has entered into a collaboration agreement with a NY-based academic healthcare institution to jointly develop a panel for Glioblastoma (GBM), an aggressive brain cancer based on Precipio’s HemeScreen technology.
Precipio will design and develop a panel that combines a select number of genes that provide prognostic and therapeutic markers for this form of cancer. The institution (currently the name of the institution remains confidential) will contribute patient samples for the development process, its clinical know-how and expertise of its clinicians, and it intends to be the first to use the panel clinically once the panel development is completed.
Glioblastoma is a deadly form of brain cancer that forms in the astrocyte cells (which support the nerve cells), and can form in the brain or spinal cord. The median survival rate is 15 months, with less than 5% of diagnosed patients surviving beyond 5 years.
As with many forms of cancers, obtaining information on the molecular composition of the tumor can inform treatment options. Currently available testing options deliver a TAT of between 10-30 days, which is often too late to affect treatment. The ability to order a rapid panel that can return results within a matter of days may provide options of targeted therapies, and have a significant impact on patients with this deadly disease.
Precipio’s R&D team estimates a development time of under 4 months for this assay, and a cost of less than $50,000, an unprecedented speed and development cost in this industry.
“This is our first step into a field where we can adapt our technology to create new panels for various diseases beyond blood-related cancers,” said Ilan Danieli CEO. “This project demonstrates the flexibility of our HemeScreen technology and our team’s ability to develop such assays rapidly and cost-effectively, and serves as further validation of our unique business model. We are excited to be able to collaborate with such institutions to develop technologies that can have a significant impact on patient care.”
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, as well as proprietary products that serve laboratories worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
Please follow us on LinkedIn, Twitter @PrecipioDx and on Facebook.
Forward-Looking Statements
This 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, 2022, 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.
CONTACT: Inquiries: investors@precipiodx.com +1-203-787-7888 Ext. 523
