Benzinga | Aug 26, 2021 10:01AM EDT

Precipio Reports Partnership With American Oncology Network To Adopt Co.'s HemeScreen Technology, No Terms Disclosed

Specialty cancer diagnostics company Precipio, Inc. (NASDAQ:PRPO), and American Oncology Network, LLC (AON), a high-growth community oncology provider, announces the signing of an agreement under which AON will adopt Precipio's HemeScreen(r) technology and begin running HemeScreen in its central laboratory located in Fort Myers, Florida.

AON will be the largest Physician Owned Laboratory (POL) to bring HemeScreen into their laboratory thus far. With over 100 physicians, and serving close to 100,000 unique patients annually, the impact to patient care will be substantial. Running HemeScreen in-house will enable AON to shorten diagnostic turnaround time of these tests (currently being sent out) from 2-4 weeks, to as fast as 1-4 days when run in house. For patients awaiting their diagnosis to begin treatment, and for the physicians awaiting the results to determine the right treatment, this capability will have an incredibly meaningful impact.

"The AON laboratory is a state-of-the-art facility supporting our physicians across 17 states with specialized expertise in oncology and hematology that helps to inform and direct the very best care plan and clinical outcome for each patient," states AON CEO Todd Schonherz. "Being able to leverage Precipio's HemeScreen technology will allow for turnaround times superior to industry norms enabling quicker diagnosis, earlier patient treatment and reducing patient anxiety."

"Having a group such as AON adopt HemeScreen is a demonstration of how the most innovative physician practices utilize technology opportunities developed by biotech companies such as Precipio," said Ilan Danieli, CEO of Precipio. "We are excited about the opportunity to work with a group of AON's magnitude to impact patient care in the most meaningful way possible, touching patients at the heart of the community."

This multi-year agreement will provide Precipio with seven-figure revenue per year. As Precipio continues to develop additional panels, AON will have an opportunity to further broaden the suite of assays run utilizing the HemeScreen technology.