Welcome to our dedicated page for Precipio news (Ticker: PRPO), a resource for investors and traders seeking the latest updates and insights on Precipio stock.
Precipio, Inc. (PRPO) is a NASDAQ-traded healthcare biotechnology company focused on cancer diagnostics, and its news flow reflects both its operating activities and capital markets developments. The company’s stated mission is to address cancer misdiagnoses through diagnostic products and services that improve accuracy, laboratory workflow, and patient outcomes, and many of its announcements relate to progress toward that mission.
Investors following PRPO news can expect regular updates on the company’s pathology services division and products division. Precipio issues press releases when it files quarterly reports on Form 10-Q, summarizing revenue trends in its diagnostic services and product businesses, gross margin developments, and cash flow metrics. These releases often highlight performance in pathology services and product revenues, along with management commentary on operational efficiency and financial discipline.
Company news also covers product and technology milestones. Precipio has announced developments such as its BCR::ABL1 assay and a joint study with Memorial Sloan Kettering Cancer Center, describing study results, assay performance, and impacts on patient care and laboratory workflows. Additional product-related updates may discuss customer adoption, distributor activity, and the expansion of test panels and applications in customer laboratories.
Capital structure and corporate actions are another recurring theme in PRPO news. The company has issued releases about terminating its at-the-market Sales Agreement with A.G.P./Alliance Global Partners, entering into agreements with warrant holders for cash and cashless exercises, and repaying an advance from Change Healthcare. These updates provide context on share issuance, warrant activity, cash inflows, and the company’s efforts to maintain a clean balance sheet with limited debt.
Precipio also uses news releases to communicate about shareholder update calls, cybersecurity matters, and governance-related events. For example, it has announced quarterly shareholder calls, provided details on a limited-scope unauthorized access incident in its cloud file environment, and requested shareholder participation in voting to achieve quorum at its annual meeting. For investors and analysts, the PRPO news page offers a centralized view of these operational, financial, and corporate developments over time.
Precipio (NASDAQ: PRPO) has launched a new Acute Myeloid Leukemia (AML) HemeScreen panel that provides genetic testing results in approximately four hours. This rapid diagnostic test aims to enhance patient care by allowing physicians to select effective treatments swiftly. The AML panel is projected to boost revenues for Oncology Physician Office Laboratories (POLs) by around 10%, depending on patient volume. The introduction of this panel highlights the growing utility of rapid genetic testing in clinical settings.
Precipio, Inc. (NASDAQ: PRPO) announced the launch of its COVID-19 rapid antibody test, now available for POC healthcare providers with an Amazon business account. The test, which detects both IgG and IgM antibodies, received emergency use authorization (EUA) from the FDA and is exclusively distributed on Amazon. This antibody test helps identify those who have developed antibodies post-infection or vaccination, facilitating informed vaccination decisions. CEO Ilan Danieli expressed excitement about the partnership with Nirmidas Biotech and future retail expansion plans.
Precipio reaffirms its forecast that product revenues will reach approximately 50% of pathology revenue by Q4 2021, driven by its HemeScreen POL testing system. Contracted annualized revenues from signed customers currently exceed $750,000 and are expected to rise to $1,000,000. With a pipeline of over 30 prospective customers and the introduction of additional cancer panels, the company anticipates growth in both customer base and revenue. The partnership with ION Solutions is enhancing sales efforts, confirming the product's market acceptance and potential impact on patient care.
Precipio, Inc. (NASDAQ: PRPO) announced a new At-The-Market (ATM) financing arrangement, allowing for the sale of up to $20 million in shares for operational financing. Managed by Alliance Global Partners, this method enhances financial flexibility and limits shareholder dilution. The ATM structure provides Precipio with control over the timing and pricing of share sales, an improvement over previous equity lines. Management aims to utilize this less dilutive financing to support growth, particularly in their new HemeScreen product offering.
Precipio, Inc. (NASDAQ: PRPO) reported a remarkable financial performance for 2020, posting revenues of $6.1 million, a 95% increase from $3.1 million in 2019. The fourth quarter revenues reached $1.9 million, signaling strong growth potential with an annualized run rate of $8 million.
The growth was driven by pathology services, evidenced by a 26% increase in the customer base and a 117% increase in cases received. Looking ahead, HemeScreen is projected to contribute significantly to revenue, potentially reaching 50% of pathology revenue by Q4-2021.
Precipio, Inc. (NASDAQ: PRPO) will host its Q4-2020 and year-end corporate update call on March 31, 2021, at 5:00 PM EST. The call aims to provide updates on the company's core business areas and will be accessible via phone or through pre-registration for direct dial-in. Interested parties can submit questions in advance via email. The call replay will be available on Precipio's Investors page approximately 24 hours later. Precipio focuses on improving diagnostic accuracy through collaborations with prestigious academic institutions.
Precipio, Inc. (NASDAQ: PRPO) announces the appointment of Ron Andrews to its Board of Directors, enhancing its expertise in cancer diagnostics. Andrews, a veteran in product development and commercialization, previously held senior roles at Roche Molecular and Thermo Fisher Scientific. His experience is anticipated to bolster Precipio's strategy around its diagnostic solutions, including HemeScreen. Mark Rimer will step down from his director role but remain a board observer, reflecting his long-term support. This transition signals a pivotal moment for Precipio as it aims for increased revenue and profitability.
Precipio, Inc. (NASDAQ: PRPO) has appointed Richard Sandberg as the new Chairman of the Board, replacing Dr. Douglas Fisher, who will continue as a Director. Mr. Sandberg has been with Precipio since its inception and has a strong background in diagnostics, having founded Dianon Systems, which LabCorp acquired for $650M. Under Fisher’s leadership, the company successfully transitioned post-merger with Transgenomic and improved its business model. Sandberg emphasizes opportunities for growth in diagnostic technology through partnerships with leading academic institutions.
Precipio, Inc. (NASDAQ: PRPO) has initiated the market rollout of a COVID-19 antibody test following the receipt of FDA Emergency Use Authorization for the test developed by Nirmidas Biotech. This test is the first US-based product authorized for point-of-care use, aimed at helping individuals assess their antibody status in relation to vaccination decisions. Precipio has begun distribution to its oncology customers and plans broader market expansion. The test detects antibodies linked to the SARS-CoV-2 spike protein, enhancing vaccine efficacy evaluation as the vaccination campaign progresses.
Precipio, Inc. (NASDAQ: PRPO) has partnered with two major oncology practices, West Cancer Center and New York Cancer & Blood Specialists, to implement its HemeScreen technology. This will enhance turnaround times for crucial molecular tests related to various cancers. The collaboration is projected to generate significant revenue, potentially reaching seven figures. The partnership may also expand opportunities for further testing and reagent sales, thereby increasing market share for Precipio in the oncology diagnostics sector.