NEW HAVEN, Conn., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) announces it has entered into an agreement with a Japanese distributor for the sales and distribution of its products into the Japanese market. The distributor has already secured its first purchase order from a leading Japanese clinical laboratory, for Precipio's proprietary IV-Cell cytogenetics media. The first shipment is expected to be delivered at the end of Q1-2024.
The Japanese diagnostic market is renowned for its high level of quality and for its intense scrutiny of products. Precipio was approached by a Japanese laboratory with an inquiry about its IV-Cell media, and entered into a testing period to evaluate the product.
The laboratory conducted extensive testing of Precipio's IV-Cell cytogenetics media, including a comprehensive side-by-side analysis comparing it to the current media used in their lab. The study, results of which were shared with Precipio, demonstrated the superior performance of IV-Cell, and ultimately resulted in their decision to adopt the media in their laboratory.
The laboratory then appointed a distributor to handle negotiations with Precipio, resulting in a distribution agreement for its products within the Japanese market. The parties have entered into a multiple year commitment, with the intent of forming a long-term relationship to leverage the distributor's network within Japan to distribute Precipio's current, and future products, and bring diagnostic advancements to a broad range of customers in the Japanese market.
"There is no greater demonstration of the quality and clinical utility of our product, than its acceptance by a premier lab in Japan. I'm extremely proud of our R&D team that has successfully created a product that will be used in such a prestigious international market," said Ilan Danieli, Precipio's CEO, "Furthermore, our entry into the Japanese market underscores the effectiveness of our overseas sales & marketing strategy. I expect that in 2024 we will also see penetration into other markets globally, complementing our domestic growth in the US market."
About Precipio
Precipio is a healthcare biotechnology company focused on cancer diagnostics. Our mission is to address the pervasive problem of cancer misdiagnoses by developing solutions in the form of diagnostic products and services. Our products and services deliver higher accuracy, improved laboratory workflow, and ultimately deliver better patient outcomes which reduce healthcare expenses. Precipio develops innovative technologies in our clinical laboratory where we design, test, validate, and run these products intended to improve diagnostic outcomes. Precipio then commercializes its technologies as proprietary products that serve the global laboratory community and further scales Precipio's reach to eradicate misdiagnosis. For more information, please visit www.precipiodx.com.
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