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Precipio Launches Its Rapid COVID-19 Antibody Test on Amazon Platform

NEW HAVEN, Conn., May 03, 2021 (GLOBE NEWSWIRE) -- Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced that it has successfully launched its COVID-19 rapid antibody test (20 minute) which tests for both IgG & IgM antibodies, on Amazon.com's business platform. Precipio holds the exclusive rights to distribute this product on Amazon's platform. The antibody test, which is manufactured in the USA by Nirmidas Biotech, of California, was the first US-based test to receive emergency use authorization (EUA) by the FDA for point-of-care.

The product is visible for sale on Amazon's website and app (click here), per the EUA approval received for the test kit in December of 2020; however it may currently be purchased only by qualified medical point-of-care (POC) providers. Physicians and other medical facilities may now purchase these items directly from Amazon, and receive them within 2 business days.

Clinical Utility of the COVID-19 Antibody Test

The purpose of this test is to identify the presence of antibodies that have been developed after the person has been exposed to the virus, or has been vaccinated. Antibodies are the body's natural biological response to an infection or vaccination, and their development begins the body's process of building immunity to protect against future infections.

There are two key important benefits to knowing if an individual has antibodies. First, individuals unknowingly infected or those who know they were infected can determine if they now have those antibodies. For those who are deliberating whether to get vaccinated, this test presents a tool that can provide additional information to make that decision. Secondly, individuals who have been vaccinated can use the test to inform whether the vaccination was successful and if the antibodies measured have persisted over time.

“We are very excited to be working with our partner Nirmidas to get this important rapid test on the largest retail platform in the world,” said Ilan Danieli, Precipio's Chief Executive Officer. “We look forward to working with other retail outlets, as well as with Nirmidas to advance this product into at-home use, following the receipt of appropriate FDA authorization”.

About Precipio

Precipio has 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, as well as proprietary products that serve laboratories 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.

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Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and the Company, on our business, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, growth, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management's estimates, beliefs, assumptions and projections. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations, or could affect the Company's ability to achieve its strategic goals, include the uncertainties relating to the impact of COVID-19 on the Company's business, operations and employees and the other factors that are described in the sections entitled “Risk Factors” and “Management's Discussion and Analysis” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated from time to time in the Company's Securities and Exchange Commission filings.

The Company's forward-looking statements in this press release are based on management's current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.