Precipio Inc Stock Price, News & Analysis

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.

Precipio, Inc. (NASDAQ: PRPO) has entered an agreement with a major US oncology distributor to expand its HemeScreen POL program to independent community oncology practices across the nation. This collaboration aims to improve patient care through rapid diagnostics and generate potential revenue of $100,000 annually per participating practice. The HemeScreen Reagent Rental Program will enable practices to perform in-house testing without upfront costs. CEO Ilan Danieli highlighted the alignment of interests between the two companies, aimed at supporting community oncologists effectively.

Precipio (NASDAQ: PRPO) will host its Q3-2020 corporate update call on November 19, 2020, at 5:00 PM ET. The call will focus on the company’s core business updates and its COVID-19 testing initiative.

Participants can join by calling 844-695-5519 or through pre-registration for an easier access.

Listeners are invited to submit questions to management via email. The call will be available for replay on Precipio's website approximately 24 hours post-event.