New Ultra-sensitive Kit Can Help Laboratories Generate Results in as Little as 4-6 Hours at a Significantly Reduced Cost
NEW HAVEN, CT / ACCESSWIRE / October 12, 2017 / Precipio, Inc. (NASDAQ: PRPO), announced today that it has launched the first commercially available Research Use Only ICE-COLD PCR™ enrichment kit, to identify resistance mutations in non-small cell lung cancer (NSCLC) using liquid biopsies. The kit is designed to enable the detection of critical lung cancer mutations T790M and C797S, using its proprietary ICE-COLD PCR™ (ICP) technology. Precipio's newly redesigned kit represents the first liquid biopsy enrichment kit of its kind to deliver rapid turnaround, and give laboratories the ability to conduct cost-effective research to identify the presence or absence of these critical resistance mutations.
"Precipio's new enrichment kit will enable laboratories to run the most cost-effective resistance mutation panel on the market, tested using liquid biopsy samples rather than tumor tissue. An assay using ICP yields results quickly, and creates exciting opportunities for researchers to obtain a deeper understanding of the biology of a patient's tumor," said Jeffrey Sklar, MD, PhD, and Chairman of Precipio's Scientific Advisory Board "Using Precipio's ICP enabled tyrosine kinase inhibitor (TKI) Resistance kit, any laboratory that has a qPCR platform will be able to run liquid biopsy testing on resistance mutations with no additional capital expenditures."
Precipio's multiplexed ICP kit offers major advantages over current sequencing technologies that don't include its mutation enrichment technology. ICP delivers a 100-500 fold increase in mutation detection sensitivity (depending on the platform used) compared to current methodologies. Furthermore, its ultra-high sensitivity makes it feasible to conduct comprehensive genomic analyses using a blood sample, providing an opportunity to capitalize on the potential of the pioneering field of liquid biopsies. Lastly, at a price point that is a fraction of the cost of competing assays, Precipio's kit offers the only economically-viable product on the market enabling laboratories to conduct repeat testing.
"I'm thrilled to announce the launch of our first redesigned ICP kit, so soon after the completion of the merger. Our R&D team has been working tirelessly to revamp the previous product into our new kit, delivering a robust, easy to use and low-cost product we can get to the market quickly," said Ilan Danieli, President and Chief Executive Officer of Precipio. "Over the past months, our team has conducted a thorough technical investigation, streamlined production and simplified our previously complex pricing structure, to the benefit of the customer. We have reduced our COGS by over 50%, which will enable Precipio to offer attractive pricing to our customers. The product we launch today marks the beginning of a comprehensive new line of products that meet market demand, and begins to unlock the full potential of ICP as a game-changing technology in the liquid biopsy market," Mr. Danieli continued.
Precipio will be launching additional research use only kits in the coming quarters for other forms of cancer, with various genes and exons that utilize the multiplexed ICP technology. "Our goal is to continue to expand our menu of multiplexed ICP products that include clinically actionable mutations that laboratories around the world can use in a practical, efficient, and economically viable manner," Mr. Danieli concluded.
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, initially the Yale School of Medicine, 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 Precipio's merger with Transgenomic, consolidation of laboratory operations, reductions of accounts payable, 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 12, 2017, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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.