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May 22, 2020

City diagnostics company seeks subjects for COVID-19 study

PHOTO | Precipio Inc. Precipio CEO Ilan Danieli
By Michelle Tuccitto Sullo

New Haven-based bioscience company Precipio needs individuals who have tested positive for the COVID-19 virus to participate in a test study.

The company will check participants via a test for the presence of antibodies to the virus, which may be indicative of potential immunity.

“The purpose of the study is to evaluate the accuracy of an ‘at-home’ self-test,” that can be performed in the comfort of one’s home, according to the announcement. 

“The health importance of these sorts of tests cannot be overstated,” the company added.

Gov. Ned Lamont and state health officials have stressed the importance of widespread testing in efforts to fight the virus’ spread.

The company will be conducting the study at its offices, at 4 Science Park on May 30 and 31.

Anyone interested in participating should fill out and submit a form at www.precipiodx.com/covidstudy.  

Precipio develops products aimed at reducing the misdiagnosis of cancer and other diseases.

Last week, the company reported its first-quarter 2020 revenues had increased 77 percent from the fourth quarter of 2019, from $0.7 million to $1.2 million. Management attributed this growth to the productivity of its sales force, continued customer acquisition and retention and an increase in case volume.

“Emphasis on training, messaging and a focus on our core technologies as a competitive advantage continue to show results,” said Stephen Miller, Precipio’s chief commercial officer, in a press release. 

“These factors will continue to drive our growth in the coming quarters,” Miller added. “We are hopeful we can keep our revenue strong amidst the COVID-19 disruption.”

The company’s stock (NASDAQ: PRPO) was trading at $0.90 as of late morning Friday. In the past 52 weeks, it reached a high of $6.53 and low of $0.55.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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