Precipio, Inc. (NASDAQ: PRPO) provides diagnostic products and services to the oncology market. Shares jumped 31.20% on Tuesday, April 9, 2019. Over the past three months, Precipio has seen an average daily volume of 4.59 million shares. However, on Tuesday, 66,677,093 shares traded hands, equating to $21.34 million in dollar volume.
Shares surged Tuesday after Precipio announced it is in negotiations with a potential manufacturer to produce its IV-Cell media. The manufacturing partner has “the necessary experience and expertise, as well as scalable, large volume manufacturing capabilities.” Ilan Danieli, CEO of Precipio, commented, “The company and its shareholders deserve to reap the benefits of the innovative products developed, as we translate ideas in the laboratory into products – and revenue, for the company.” Here is the full press release detailing the negotiations between Precipio and its manufacturing partner:
Precipio, Inc. Press Release:
NEW HAVEN, Conn., April 09, 2019 (GLOBE NEWSWIRE) — Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO) announced today that it is negotiating a definitive agreement with a manufacturer to produce its IV-Cell media.
Over the past year, Precipio has been working to commercialize its patented IV-Cell media by offering the Research-Use Only (RUO) based media to large laboratory customers who offer cancer cytogenetics testing. As part of Precipio’s continuous effort to expand and improve the economics of our business, it became apparent that the best alternative for Precipio would be to identify a manufacturing partner to produce the media for those customers. As a clinical laboratory and developer of these innovative products, Precipio prefers to outsource manufacturing to a company experienced in large-scale regulated manufacturing.
The manufacturing partner identified has the necessary experience and expertise, as well as scalable, large volume manufacturing capabilities. In addition, they have the embedded quality-control processes, and the various ISO-related certifications required to mass-produce the media for global distribution.
“This is an exciting time for us, as we move towards the start of commercializing the technologies we’ve developed,” said Ilan Danieli, Chief Executive Officer of Precipio. “The company and its shareholders deserve to reap the benefits of the innovative products developed, as we translate ideas in the laboratory into products – and revenue, for the company.”
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 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.
Certain statements in this press release constitute “forward-looking statements” within the meaning of federal securities laws, including statements related to IV-Cell 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 November 19, 2018 and on the Annual Report on Form 10-K for the year ended December 31, 2017 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.
Article By: Andrew Rego