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NEW HAVEN, Conn., March 05, 2019 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced today that it continues to receive both new and repeat business from customers in Japan for its ICP liquid biopsy enrichment technology. In Particular, Precipio’s EGFR Exon 20 assay is proving to be of substantial clinical interest in the Japanese hospital market.
Recently, Kyorin University Hospital in Tokyo, placed its third order for Precipio’s ICP assay. The RUO reagents kit will be used for clinical research purposes within the hospital laboratory. The National Cancer Center of Japan estimates 1 million new cancer incidences in 2018; of these approximately 12.5% were lung cancer patients1. Of the estimated 380,000 patients dying of cancer in 2018 in Japan, approximately 77,500, or 20%, were expected to be lung cancer patients, representing the #1 cause of cancer deaths in Japan.
The primary application for the EGFR Exon 20 liquid biopsy is to enable physicians to monitor lung cancer patients who are currently on a type of chemotherapy termed TKI (Tyrosine-kinase inhibitor). Lung cancer patients with an EGFR mutation can be treated with a TKI therapy.
During the course of treatment, some patients will develop resistance to that treatment, thus rendering it ineffective. Monitoring the patient on an ongoing basis to identify the existence of these mutations as early as possible is critical to avoiding reaching this stage. Rather than having to biopsy the patient repeatedly, Precipio’s ICP assay enables physicians to conduct a simple blood draw and test for these mutations.
“Repeat orders from the same customer demonstrate both the attractiveness of our technology, as well as the ability to move from the trial phase to a revenue generating customer,” commented Stephen Miller, Precipio’s Chief Commercial Officer. “Market adoption in technologically-advanced countries such as Japan, is a testament to the market potential and the clinical significance of the products we sell.”
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 ICP 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 September 30, 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.