Full Press Release Details
Precipio Completes the Transaction with
Poplar Healthcare's Oncometrix Hematopathology Division
Customer base and sales team transition
to Precipio, Doubling Revenues
NEW HAVEN, CT, (March 16, 2020) -
Specialty diagnostics company Precipio, Inc. (NASDAQ:
PRPO), announced today that it has completed the non-cash transaction of the transition of Oncometrix's customer
base, as discussed in Precipio's recent announcement.
As stated previously, the transaction with
Poplar involves no upfront exchange of cash or equity in consideration, providing for a non-dilutive transaction. Assuming a continued
successful implementation of the transition and no disproportionate impact from COVID-19, management anticipates that the transaction
will impact revenue growth, gross margin and cash flow:
"We are delighted to complete this
transaction, partner with Precipio for the hematopathology business, enabling us to focus on our other core businesses",
said James Sweeney, CEO of Poplar Healthcare. "We look forward to continued collaboration with Precipio in other areas of
"While every absorption of a business
is challenging, this transaction is an exact fit with current Precipio operations. I am confident in our team's quick execution
of this strategic initiative, and believe it will have a substantial impact on the company", said Ilan Danieli, Precipio
CEO. "We are excited to work with the Oncometrix team and continue to provide their customers and patients with outstanding
quality and service; we too look forward to a continued fruitful partnership with the Poplar team".
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, Harvard's Dana-Farber Cancer Institute and the University of Pennsylvania, Precipio offers a new
standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
Forward-Looking 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 May
29, 2018, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 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.