Precipio, inc. announces completion of clinical validations for iv-cell and hemescreen

Precipio, inc. announced that as it approaches the end of the third quarter of 2019, several of the large laboratories have successfully completed validation studies to test precipio’s iv-cell cytogenetics media product, as well as its hemescreen assay, and are proceeding towards placing orders. as previously discussed, each lab must undergo a complex and thorough process to introduce products such as iv-cell cytogenetics media and hemescreen assay into its clinical work-flow. this includes extensive testing as well as side-by-side comparison to the laboratory’s existing process in order to ensure both consistent results, as well as superior performance of the products. each potential customer has their unique acceptance procedures. only once these and other important parameters are demonstrated, does a laboratory proceed to discuss purchasing this product and integrating it into their clinical operations. in the laboratories that have completed their clinical testing step, the next and final step is the agreement on commercial terms. based on the size of the customer, this usually involves various approvals within the organizational hierarchy; followed by a pricing/volume discussion to establish the economic terms. finally, the laboratory must evaluate its current inventory levels to assess the timeline to exhausting the inventory it has on hand of its current products (typically 30-60 days’ worth of inventory) and place an order accordingly. precipio management and its commercial team have been engaged in substantial efforts to commercialize its products, including in-roads into some of the largest laboratories both domestically and internationally. as with many new products, the first sale is always the most difficult one. absent a product track record and prior customer references, the product introduction is challenging. however, the combination of the clinical value of products such as iv-cell, combined with its operational and cost-advantage benefits, have proven extremely attractive to the customers approached by precipio. over the past six months the team has been focused on approaching customers and obtaining agreements for trials. the company has had substantial success (as measured by the response rates) and has a pipeline of numerous additional trials underway both domestically and internationally. as typically in new product launches, through frequent meetings and presentations to customers, the company continuously learns how to improve its product positioning and marketing message.
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