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NEW HAVEN, Conn., June 25, 2019 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced the initiation of a second development project with H3 Biomedicine that will include the creation of a targeted gene panel. The panel will include a pre-amplification multiplexed PCR that will amplify targeted regions of the key genes of interest. The panel would be used by H3 Biomedicine for their ongoing clinical development programs.
H3 Biomedicine was launched in 2011 with an unprecedented $200 million funding commitment from Eisai, a leading global pharmaceutical company pharmaceuticals company, plus additional funding for clinical programs. As a clinical-stage biopharmaceutical company, H3 uniquely leverages their distinct insights from cancer genomics and real-life patient data to advance their projects to clinical proof of concept and beyond. H3 embraces a novel business model in which it collaborates with Eisai to create a prolific drug discovery engine and partnership platform. H3 currently has three compounds in phase I development.
The first project between H3 and Precipio was the development of multiplexed PCR assays for PIK3CA and ESR1 genes. The second development project between the companies will focus on the development of multiplexed PCR assays for FGFR3, PIK3CA, HRAS, TERT and PLEKHS1. During the project, Precipio will develop nine amplicons within the genes of interest and focus on the amplification and multiplexing of the mutations of interest.
“We are extremely pleased to be working with the team at H3 Biomedicine on this second project. The work that our team has done with our multiplexed ICE COLD-PCR puts these types of development projects right in our wheel-house”, stated Stephen Miller, Chief Commercial Officer of Precipio. “This is one of many projects in our pipeline that demonstrates Precipio’s value to pharma and biotech companies as they take their research from the bench to the clinical setting.” Mr. Miller commented.
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 April 19, 2019 , the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 and on the Annual Report on Form 10-K for the year ended December 31, 2018 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.
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