Proactive Investors - Run By Investors For Investors

Precipio to provide several hospitals in Cairo, Egypt with diagnostics services

The New Haven, Connecticut-based specialty cancer diagnostics firm said the contract is expected to generate more than $1.5 million in annual revenue
Lab worker works with a microscope
The Egyptian hospitals will license Precipio’s proprietary technologies to provide liquid biopsy and hematologic molecular testing

Precipio Inc (NYSE:PRPO), a specialty cancer diagnostics firm, announced Monday it has signed a services contract with several hospitals in Cairo, Egypt that could be worth more than $1.5 million.

The New Haven, Connecticut-based company did not name the management group nor did it reveal the contract’s total amount.

Shares of Precipio jumped 9% to $5.24 following news of the contract.

WATCH: Precipio in talks with international health care systems to expand reach

Precipio said the Cairo hospitals will send patient biopsies for primary diagnosis and secondary consultation. In addition, the contract calls for establishing laboratory operations in Egypt that will license Precipio’s proprietary technologies to provide liquid biopsy testing using ICE-COLD PCR technology, and HemeScreen for hematologic molecular testing.

The announcement of Egyptian contract is part of the company’s strategy to expand internationally with a focus on Asia, Europe, the Middle East and South America. “The international segment of our business is going to be a valuable contributor to our revenues, margins and cash flow in the coming quarters,,” said CEO Ilan Danieli.

The contract also comes as Precipio regained compliance with Nasdaq listing requirements to maintain a minimum bid price of $1 a share. The company on Friday said it would execute a 1:15 reverse stock split of its common stock, and the post-spilt took effect Monday, helping to boost the sare price.

Contact the author: [email protected]

Follow him on Twitter @patrickmgraham

View full PRPO profile View Profile

Precipio Inc Timeline

Related Articles

lung x-ray
May 07 2019
The company has been developing a treatment for chronic lung disease in-house and has partnered with an Australian group to develop a drug for rare liver and lung complaints
human kidneys
May 06 2019
The Danish company is seeking FDA approval of the test for use in both adults and children
February 20 2019
Earlier this month, Tissue Regenix reported full-year results showing revenues more than doubled last year to £11.6mln, up from £5.2mln a year earlier
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use