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January 15, 2019 Bioscience Notebook

Precipio adds U.S. Department of Defense as customer

Photo | Precipio Inc. Precipio CEO Ilan Danieli.
By Natalie Missakian

Speciality cancer-diagnostics company Precipio Inc. said it has reached an agreement to begin selling its liquid biopsy technology to medical centers funded by the U.S. Department of Defense.

The New Haven company said it has been approved by the defense department as a domestic vendor within the Foundation for the Advancement of Military Medicine.

The approval will allow defense department-funded medical centers to use Precipio’s ICE-COLD PCR (ICP) enrichment technology in mutation testing for both active duty and military veterans.

Precipio said it has received its first order and expects delivery this month. The company touts the liquid biopsy as a more accurate, less invasive way to diagnose cancer.

“We look forward to working closely with the Department of Defense to expand their liquid biopsy testing menu for the benefit of the health of our active military and the rest of the DoD employees,” Precipio Chief Commercial Officer Stephen Miller said in a statement.

In other news, the company said the Makati Medical Center (MakatiMed) in Manila, the Philippines, has also placed its first order with the company. The center has agreed to serve as the executive central laboratory in the Philippines for Precipio’s ICP technology.

Precipio is under pressure to raise its stock price above $1 or face being delisted from the Nasdaq exchange. The company has until March 25 to comply with the stock exchange’s $1 minimum. It opened at 24 cents a share in Tuesday morning trading.

Contact Natalie Missakian at news@newhavenbiz.com

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