Precipio regains compliance with Nasdaq listing requirements » 14:0307/0107/01/20
Precipio announced that…
Precipio announced that it has regained compliance with the Nasdaq listing requirements. On June 29, the company received a letter from Nasdaq stating that because the company's shares had a closing bid price at or above $1.00 per share for a minimum of ten consecutive business days, the company's stock had regained compliance with the Minimum Bid Price Requirement for continued listing and that the matter is now closed. "With this matter behind us, the company can continue to focus on building strong shareholder value. We are excited about the many growth opportunities the company is working on, and we look forward to sharing those with our investors in the coming months," said Ilan Danieli, Precipio's CEO.
|Over a week ago|
Precipio files to sell 4.5M shares of common stock for holders 17:2006/2606/26/20
Precipio adds HemeScreen customer » 10:0106/0906/09/20
Precipio announced that…
Precipio announced that Cancer and Hematology Centers of Western Michigan has adopted Precipio's HemeScreen technology to launch molecular testing assay for hematologic malignancies such as myelodysplastic syndromes and myeloproliferative neoplasms. As part of Precipio's recently launched Reagent Rental program, CHCWM's laboratory is in the process of validating the HemeScreen MPN assay and will be performing it as a lab developed test within their laboratory. Based on current volume within CHCWM's laboratory, and taking into consideration the future add-on HemeScreen proprietary assays, Precipio anticipates potential revenues starting at $75,000 annually and possibly more than doubling as more HemeScreen products are launched in the latter half of 2020. Furthermore, we estimate that in the US there are likely over 150 similar-size potential customers which may benefit from Precipio's Reagent Rental program.
|Over a quarter ago|
Precipio files $50M mixed securities shelf 16:5203/2703/27/20
Precipio files to sell 1.77M shares of common stock for holders 16:3203/2703/27/20
Precipio CEO says hasn't seen any 'substantial downturn' in business » 09:3503/2003/20/20
Precipio released a…
Precipio released a letter to shareholders from its CEO, Ilan Danieli, which read in part," I'm writing this letter to you from my home office where, like many of you, I have been "holed" up for the past week. Like many companies, our first priority is to protect our employees and families, so we have instituted a policy that allows only essential employees to come to our offices. We all respect the precautionary measures that the CDC is requesting all companies to adhere to. This has been a trying time for everyone, but we are fortunate to be in a healthcare business that continues to operate under relatively similar conditions, and we have not seen any substantial downturn in our business. For better or worse, I suppose cancer patients have more to worry about than COVID-19, and we are here to make sure we have their backs...Fortunately, as members of the healthcare community and as a certified laboratory, we already follow strict sanitary precautions. To date none of our employees have tested positive for COVID-19; however, we plan on continuously monitoring this and once kits are available our employees will be tested as necessary. We have realigned all lab testing and personnel and instated precautions to limit employee interactions while maintaining the services we provide to our customers. Furthermore, we are reducing shift interaction and alternating staff attendance in the laboratory to minimize contact between employees. We are balancing the safety of our employees with the need to ensure that we continue to provide consistent quality of service to our customers. As described below, we have not seen a slowdown in our business volume, and continue to operate our laboratory in the normal course of business...We serve oncologists and hospitals who continue to take care of cancer patients, and as such, require our testing services. Our customers have continued to operate in their capacity, and we continue to see a steady flow of biopsies coming to our laboratory for testing. We do not know if this will remain the same as the crisis develops. Although in-person access to clients has, in some situations, been limited, for the most part our sales team continues to stay in contact with our customers and provide them with the necessary support..Our clinical laboratory segment for our products business includes laboratories, and many of those laboratories, both domestic and internationally, are entirely consumed with their response to COVID-19, are dealing with similar issues of reduced staff attendance and focusing on incoming work volume. The integration projects of our technologies such as IV-Cell and HemeScreen have been placed in a temporary lower priority, although none of these projects have been cancelled...Many of you have written to ask if we are getting set up to test for COVID-19. We have explored the option of setting up testing for COVID-19 and decided not to proceed down that path. We are not a virology lab, so getting set up would require complete construction and segregation of that testing area from the rest of our cancer lab which will require considerable cost. Additional credentialing and undergoing an inspection in the laboratory create further hurdles to this process. Furthermore, there is no clarity on the ability to obtain ongoing supplies of testing kits, and there are many issues surrounding reimbursement for the tests...It is our intention to file our 10-K annual report for 2019 within the expected requirements and do not, at this time, anticipate any necessary extensions or delays in our filing. We will also ensure that the company can raise capital as necessary to carry us through this challenging period to ensure that we remain in business...It is not lost on any of us where the share price is, and indeed we are again below the $1 mark. I don't think anyone could have foreseen the market situation we've experienced in the past 30-60 days, and the impact from COVID-19 will have on the economy. We recently announced a doubling in our revenue due to the Oncometrix transaction. Our stock was up 10%, and down the following day, and continues to fall. In any other business, and in any other market, one could expect that the doubling of revenue would have a positive and sustainable impact on the share price...Therefore, there is no imminent need to conduct a RS, and management will do everything within its power to avoid that outcome."
Precipio in advanced talks with Poplar Healthcare towards strategic partnership » 10:0502/1802/18/20
Precipio announced that…
Precipio announced that it is in advanced discussions with Poplar Healthcare to establish a strategic partnership that includes, among other transactions, the acquisition of the customer base of Poplar's Hematopathology division, OncoMetrix. The planned transaction contemplates that Precipio will assume responsibility for OncoMetrix's customer base and associated revenues of approximately $3M. This will represent a potential doubling of Precipio's current pathology services revenue, and should provide a substantial improvement to Precipio's laboratory economies of scale, resulting in increased gross margins. Assuming discussions proceed on course, Precipio anticipates this transaction to be completed in the next 90 days. As part of the transaction, three sales representatives of OncoMetrix will transition to Precipio. There is no consideration - either cash or stock - to be exchanged between the parties at the outset. Each party expects to realize economic and cash benefits following the completion of the transaction. The impact to Precipio is essentially equivalent to the hiring of three experienced sales rep that immediately bring in a substantial book of business. Additional elements of the transaction contemplated include Precipio offering Poplar's solid tissue pathology services, and Poplar offering Precipio's Hematopathology services, through their sales teams. As both companies have been engaged for several years in the pathology services business, each has developed various competencies and strengths in areas such as billing and contracting, laboratory technologies, logistics, sales and marketing. Both companies will share best practices, as well as leverage each other's' relative advantages in the various areas, for the combined benefit of each company. Precipio's management is disclosing the potential transaction in order to ensure that no parties involved, including employees and providers for either company, would have advanced knowledge and or access to what could potentially be material non-public information. As contemplated, the transaction would likely represent a significant increase to Precipio's existing pathology business, internal economies of scale and geographic presence. Both parties are currently in the process of negotiating definitive agreements to ensure that providers and their patients experience an orderly transition. However, there can be no assurances that any transaction will result from these negotiations, or of the terms, timing or approval of any such transaction. Precipio will provide further information once a definitive agreement has been reached, or if Precipio determines that further disclosure is warranted. While Precipio's management currently believes there is a high likelihood of completing this transaction in the next 90 days, investors should make their own assessment as to the impact of this announcement prior to the completion of the transaction.
Precipio, TrialJectory form partnership for cancer treatment » 09:0301/2801/28/20
TrialJectory, an AI-powered technology platform that empowers cancer patients to search and match with clinical trials, removing barriers to advanced treatment options, announced that the company has launched a new partnership with specialty cancer diagnostics company Precipio to provide cancer patients worldwide with a first-of-its-kind diagnostic and clinical trial-matching service that assists doctors in providing the best possible treatment for their patients. With this partnership, Precipio's comprehensive diagnostic result reports will now include a personalized list of relevant clinical trials matched to the patient based on the trials' eligibility requirements, which are generated by TrialJectory's AI-based clinical trial-matching platform. The platform uses patient clinical information to facilitate the clinical trial search, matching and enrollment by patients and their physicians. If patients decide to further explore one or more of the matched trials, TrialJectory facilitates, on behalf of the patient, all communication with the clinical trial lead, including document collection, appointment scheduling and more.
Precipio provides clarification to amendment to Form S-1 filing » 07:3501/2801/28/20
Precipio provided an…
Precipio provided an explanation on the recent Amendment to the S-1 that was filed on January 27, 2020. The company filed its S-1 registration statement for the equity line by Lincoln Park on January 14, 2020. The company received the SEC's confirmation of no-review, however, the SEC requested that the company add a table with its executive compensation updated as of December 31, 2019. The company complied with this requirement by filing an amendment to the registration statement and adding a new section "Executive Compensation" on page 27. This is the sole change from the registration statement that was filed on January 14, 2019. The company said, "It is our understanding that following completion and filing of this amended registration statement we will be able to request from the SEC approval that the registration statement is effective."
Precipio to host shareholder update conference call » 16:2501/2001/20/20
Conference call to…
Conference call to discuss strategic initiatives for 2020 will be held on January 20 at 5 pm. Webcast Link