GS Médicos to launch Precipio's ICE COLD-PCR™ kits in first Brazilian hospital
NEW HAVEN, CT / ACCESSWIRE / October 26, 2017 / Precipio, Inc. (NASDAQ: PRPO), announced today that GS Médicos (GSM), its new Brazil-based distributor, will launch Precipio's RUO ICE COLD-PCR™ (ICP) Liquid Biopsy technology kits in Brazilian cancer hospitals. Precipio has delivered an initial order of ICP kits, to GSM, to be followed by additional order commitments in the first quarter of 2018.
"In countries such as Brazil, where the predominant method of healthcare payments is via direct patient-pay, developing the ability at these cancer research hospitals to provide a low-cost, targeted solution that may enable the recurring monitoring of cancer patients is a substantial benefit our customers gain from our ICP technology," said Ilan Danieli, President and Chief Executive Officer of Precipio. "While the US market is our biggest target market, we see significant opportunities outside of the US, where the decision structure is driven less by reimbursement, and more by the sensible application of economic resources to achieve the most impactful results. To the extent the development of an inexpensive monitoring test can impact therapeutic decisions otherwise costing tens of thousands of dollars, we see ICP playing a substantial role in both markets. GSM and the Brazilian market represent a growing list of customers who see the value in Precipio's ICP technology.
"We are very excited about the launch of ICE COLD-PCR™ in Brazil," said Dr. Joao Glasberg, CEO of GSM, "By working with Precipio, GSM can offer an advanced, cost effective option to monitor cancer patients within hospital customers throughout Brazil. ICP will enable cancer research hospitals in Brazil to run these tests in-house, avoiding sending these expensive tests to the US, reducing both cost and turnaround time of receiving results. The development and introduction of these types of tests in Brazil will be a tremendous value-add to the Brazilian healthcare sector, by supplying better information to the physician, and leading to more effective treatment selection and ultimately result in better outcomes for patients with cancer."
Brazil's population, with over 200 million people, accounts for close to 50% of South America. Its estimated 500,000 newly diagnosed cancer patients each year are equal to approximately one third of the US market size. As a country that has seen significant economic growth in recent years, the Brazilian (and South American) market represents a vibrant, growing potential market. Precipio will be working closely with GSM to introduce ICP into the Brazilian market, and potentially to other markets in neighboring countries. GSM will initially be setting up its first site in partnership with a major hospital in Sao Paolo, which will serve as the central laboratory for the country. Through its network of KOLs, GSM plans to build market awareness for ICP as the new domestically-based alternative to costly competing products that largely involve sending specimens to the US for analysis.
About GSM
GSM is an oncology healthcare company, managed by oncologists who seek to bring advanced technologies to the Brazilian market. With strong ties into the leading medical institutions in Brazil, GSM is able to quickly and effectively deliver new, innovative products and services to support Brazilian physicians and their patients.
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. 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.
Forward-Looking Statements
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.
Contacts:
Precipio Investor Relations:
John Marco
Managing Director
Core IR
377 Oak Street
Garden City, NY 11530
516 222 2560
johnm@coreir.com
www.coreir.com
SOURCE: Core IR
ReleaseID: 479202
