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Precipio Announces Employee Stock Option Plan Repricing
NEW HAVEN, Conn., Sept. 06, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) announces the Company's repricing of a portion of its employee stock options to ensure their effectiveness as a retention tool for valuable employees.
globenewswire.com
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Zacks Initiates Coverage of Precipio With Outperform Recommendation
Discover why Zacks rates Precipio as "Outperform", being the first on Wall Street to initiate coverage on the stock. Explore PRPO's approaching breakeven milestones, financial health, and market positioning in the cancer diagnostics space.
zacks.com
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Precipio, Inc. (PRPO) Q2 2024 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q2 2024 Earnings Conference Call August 19, 2024 5:00 PM ET Company Participants Ilan Danieli - Chief Executive Officer Operator Welcome to the Precipio Second Quarter 2024 Shareholder Update Conference Call. All participants will be in a listen-only mode.
seekingalpha.com
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Precipio Announces Q2-2024 Shareholder Update Call
NEW HAVEN, Conn., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) , will be hosting its Q2-2024 corporate update call on August 19th at 5:00 PM ET.
globenewswire.com
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Precipio Reports $0.3M cash generated by operations (unaudited) in Q2-2024, as the company advances towards breakeven
Company's continued growth and improved cash position alleviates the need for capital raise in the foreseeable future Company's continued growth and improved cash position alleviates the need for capital raise in the foreseeable future
globenewswire.com
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Precipio Reports $4.4M for Q2-2024 (unaudited) Revenues, a leap of 30% from Q1-2024
Pathology Revenues in June exceed breakeven target and continue growth trend Pathology Revenues in June exceed breakeven target and continue growth trend
globenewswire.com
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Precipio Inc. Announces Adjournment of Annual Meeting of Stockholders
New Shareholders Meeting Date: Friday, June 21 at 9 a.m. Eastern Time New Shareholders Meeting Date: Friday, June 21 at 9 a.m. Eastern Time
globenewswire.com
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Precipio is requesting Shareholders/Brokers vote today to avoid costly adjournment and rescheduling of Annual Shareholders Meeting
NEW HAVEN, Conn., June 12, 2024 (GLOBE NEWSWIRE) -- Management of specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) is requesting that shareholders instruct their brokers to vote their shares immediately today no later than 11pm Eastern Time.
globenewswire.com
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Precipio Secures a short-term $500K Credit Facility
Loan will supplement any temporary cashflow deficit related to cash collections delay due to Change Healthcare cybersecurity attack Loan will supplement any temporary cashflow deficit related to cash collections delay due to Change Healthcare cybersecurity attack
globenewswire.com
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Precipio Announces Year end 2023 Shareholder Update Call
NEW HAVEN, Conn., March 25, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), will be hosting its year end 2023 corporate update call on April 1st, 2024 at 5:00 PM ET.
globenewswire.com
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Precipio to Report $15.2M for FY-2023 (unaudited) Revenues, an increase of 60% YoY
NEW HAVEN, Conn., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) , announces that for the full year of 2023, its unaudited revenues have grown from $9.4M in 2022 to $15.2M in 2023, an increase of 60% year over year.
globenewswire.com
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Precipio and Cardinal Health Sign Distribution Agreement for its HemeScreen® Portfolio of Molecular assays for Cancer
NEW HAVEN, Conn., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) announces it has entered into a distribution agreement with Cardinal Health for its HemeScreen molecular assay products.
globenewswire.com
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Precipio's Q4-2023 Cash Burn From Operations (unaudited) drops below $100K for the full quarter
Results clearly demonstrate the business's ability to reach breakeven in the near future Results clearly demonstrate the business's ability to reach breakeven in the near future
globenewswire.com
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Precipio Signs Distribution Agreement For IV-Cell® and HemeScreen® in Japan
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.
globenewswire.com
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Precipio Announces Christina Valauri joins the Board of Directors
Douglas Fisher, MD will step down as Director, and remain as a board observer Douglas Fisher, MD will step down as Director, and remain as a board observer
globenewswire.com
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Precipio Management Shares Thoughts on 2023, and Looks Ahead To 2024
NEW HAVEN, Conn., Dec. 14, 2023 (GLOBE NEWSWIRE) -- Management of specialty cancer diagnostics company Precipio, Inc. Â ( NASDAQ: PRPO ) shares thoughts and reflections looking back at 2023, and forward to 2024.
globenewswire.com
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Precipio, Inc. (PRPO) Q3 2023 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q3 2023 Earnings Conference Call November 20, 2023 5:00 PM ET Company Participants Ilan Danieli - Chief Executive Officer Operator Welcome to the Precipio Third Quarter 2023 Shareholder Update Conference Call. All participants will be in listen-only mode.
seekingalpha.com
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Precipio Announces Q3-2023 Shareholder Update Call
NEW HAVEN, Conn., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), will be hosting its Q3-2023 corporate update call on November 20th, 2023 at 5:00 PM ET.
globenewswire.com
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Precipio to Report $4.5M Q3-2023 Revenues, Double From Q3-2022
NEW HAVEN, Conn., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) , announces that Q3-2023 (unaudited) revenues have increased 28% to $4.5M from $3.5M in Q2-2023, and have more than doubled from $2.2M from Q3-2022.
globenewswire.com
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Precipio's Q3 Cash Burn From Operations (unaudited) Declines 59% YoY, from $2.5M in Q3-2022 to approximately $1M in Q3-2023
Company anticipates current cash levels sufficient to reach breakeven Company anticipates current cash levels sufficient to reach breakeven
globenewswire.com
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Precipio Continues to Sign New HemeScreen™ Customers
NEW HAVEN, Conn., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) announced that new customer orders are expected to bring total Q4 HemeScreen revenues to an estimated $1.2M.
globenewswire.com
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Precipio Reduces Product Revenue Result Needed for Cash Flow Breakeven
Higher pathology revenues and lower cost structure drive down product revenue breakeven point from $8M to $6M Higher pathology revenues and lower cost structure drive down product revenue breakeven point from $8M to $6M
globenewswire.com
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Precipio Takes Final Step Towards Regaining Nasdaq Compliance
NEW HAVEN, Conn., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. ( NASDAQ: PRPO ) today announced that it has implemented a 1-for-20 reverse stock split of outstanding shares of the company's common stock in order to regain compliance with the Nasdaq minimum bid price requirement of $1.00.
globenewswire.com
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Precipio's Pathology Division Exceeds Breakeven Revenues in August, Four Months Ahead of Plan
NEW HAVEN, Conn., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) , announces its Pathology Division has in August exceeded the monthly breakeven revenue goal which, if continued, causes this division to contribute cash to the Company's operations.
globenewswire.com
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Precipio, Inc. (PRPO) Q2 2023 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q2 2023 Earnings Conference Call August 17, 2023 5:00 PM ET Company Participants Ilan Danieli - CEO Conference Call Participants Operator Welcome to the Precipio Second Quarter 2023 Shareholder Update Conference Call. All participants will be in listen-only mode.
seekingalpha.com
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Precipio Announces Q2-2023 Shareholder Update Call
NEW HAVEN, Conn., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), will be hosting its Q2-2023 corporate update call on August 17th at 5:00 PM ET.
globenewswire.com
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Precipio Launches Its Much-Anticipated Quantitative BCR-ABL 2.0 Panel
NEW HAVEN, Conn., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) , announces the launch of its new quantitative BCR-ABL 2.0 panel, with features making it the most innovative panel of its kind on the market.
globenewswire.com
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Precipio's Operational Efficiency Measures Continue To Reduce Cash Burn And Move The Company Towards Breakeven
These efficiencies plus revenue growth expected to continue the positive momentum These efficiencies plus revenue growth expected to continue the positive momentum
globenewswire.com
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Precipio Unaudited Q2-2023 Revenues Show combined increase of 25% over Q1-2023
Revenue growth and customer pipeline advance the Company towards breakeven Revenue growth and customer pipeline advance the Company towards breakeven
globenewswire.com
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Precipio, Inc. (PRPO) Q1 2023 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q1 2023 Earnings Conference Call May 17, 2023 5:00 PM ET Company Participants Ilan Danieli - CEO Conference Call Participants Operator Welcome to the Precipio Q1 2023 Shareholder Update Conference Call. All participants will be in listen-only mode.
seekingalpha.com
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Precipio, Inc. (PRPO) Q4 2022 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q4 2022 Earnings Conference Call April 3, 2023 5:00 PM ET Company Participants Ilan Danieli - CEO Conference Call Participants Operator Welcome to the Precipio shareholder 2022 Fourth Quarter and Year-End Shareholder Update Conference Call. All participants will be in listen-only mode.
seekingalpha.com
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Precipio, Inc. (PRPO) Q3 2022 Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Ilan Danieli - Chief Executive Officer Conference Call Participants Operator Welcome to the Precipio Shareholder Third Quarter 2022 Shareholder Update Conference Call. All participants will be in listen-only mode.
seekingalpha.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q2 2022 Results - Earnings Call Transcript
Precipio, Inc. (NASDAQ:PRPO ) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET Company Participants Ilan Danieli - Founder, President, CEO & Director Conference Call Participants Operator Welcome to the Precipio Shareholder -- Second Quarter 2022 Shareholder Update Conference Call. (Operator Instructions) Please note that the conference is being recorded.
seekingalpha.com
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Precipio customer American Oncology Network (AON) selected to present HemeScreen® technology case study at Industry leading clinical laboratory conference
NEW HAVEN, Conn., April 26, 2022 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) , is excited to announce its participation and the presentation of HemeScreen, its novel diagnostic technology platform, at the Executive War College , organized by publication Dark Daily, the premier laboratory conference, held April 26th through 28th in New Orleans.
globenewswire.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q4 2021 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q4 2021 Results - Earnings Call Transcript
seekingalpha.com
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Best Penny Stocks to Buy Today? 3 For Your Watchlist Right Now
Which penny stocks are you watching right now? The post Best Penny Stocks to Buy Today?
pennystocks.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q3 2021 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q3 2021 Results - Earnings Call Transcript
seekingalpha.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q2 2021 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q2 2021 Results - Earnings Call Transcript
seekingalpha.com
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American Oncology Network Partners with Precipio to Bring HemeScreen® into AON's Laboratory
HemeScreen Assays will enable AON to deliver rapid patient diagnostics for hematologic malignancies through advanced molecular screening technology HemeScreen Assays will enable AON to deliver rapid patient diagnostics for hematologic malignancies through advanced molecular screening technology
globenewswire.com
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Precipio Reschedules Q2-2021 Shareholder Update Call
Due to a schedule conflict, the call is moved to Thursday August 26th at 5:00PM EST Due to a schedule conflict, the call is moved to Thursday August 26th at 5:00PM EST
globenewswire.com
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Precipio Announces Q2-2021 and year-end Shareholder Update Call
Conference Call to be held on Monday, August 23rd, 2021 at 5:00 PM EST Conference Call to be held on Monday, August 23rd, 2021 at 5:00 PM EST
globenewswire.com
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Precipio Announces Preliminary Unaudited Q2-2021 Revenues of $2.3M
Increase of 65% YoY, and 29% from Q1-2021 due to strong Pathology Growth and HemeScreen Increase of 65% YoY, and 29% from Q1-2021 due to strong Pathology Growth and HemeScreen
globenewswire.com
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5 Top Penny Stocks Insiders Decided To Buy In June 2021
Penny stocks to watch right now after insiders bought in June. The post 5 Top Penny Stocks Insiders Decided To Buy In June 2021 appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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Precipio Terminates its Equity Line
NEW HAVEN, Conn., June 15, 2021 (GLOBE NEWSWIRE) -- Specialty diagnostics Company Precipio, Inc. (NASDAQ: PRPO) , announces that as part of management's review of its current financing arrangements, it has terminated the equity line financing structure it had in place with Lincoln Park Capital .
globenewswire.com
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Can Penny Stocks Make You Rich? Check These 4 Small-Caps Out
Penny stocks have a lot of potential; here's 3 to watch right now The post Can Penny Stocks Make You Rich? Check These 4 Small-Caps Out appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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Precipio Launches HemeScreen® Anemia Panel, a One-of-its-Kind Testing Tool
Laboratories can use this rapid, cost effective test to distinguish malignancy-driven anemia from other causes
globenewswire.com
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This is Why Shareholders Are Fired Up About Precipio Stock
The last thing any of need is another outbreak of this virus. So, it's likely testing will stick around for some time, fueling stocks like Precipio.
investorplace.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q1 2021 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q1 2021 Results - Earnings Call Transcript
seekingalpha.com
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Reddit Penny Stocks To Buy Now? 3 To Watch After Crypto Crash
Crypto new sent shockwave across risky assets like penny stocks. Are there any left to buy now?
pennystocks.com
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A Widely Available Covid-19 Test Enhances Precipio's Value
PRPO stock got a nice boost recently, and for good reason. Getting an Amazon listing can have a profound effect on a company's bottom line.
investorplace.com
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Which Penny Stocks Are The Most Resilient During a Bear Market?
Is finding penny stocks to buy in May 2021? Take a look at these 3 industries for some inspiration The post Which Penny Stocks Are The Most Resilient During a Bear Market?
pennystocks.com
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3 Reddit Penny Stocks to Watch That You May Have Missed Last Week
Looking for Reddit penny stocks to buy? Check these 3 out for some watchlist inspiration The post 3 Reddit Penny Stocks to Watch That You May Have Missed Last Week appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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Precipio Announces Q1-2021 and year-end Shareholder Update Call
Conference Call to be held on Thursday, May 20th, 2021 at 5:00 PM EST Conference Call to be held on Thursday, May 20th, 2021 at 5:00 PM EST
globenewswire.com
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4 Biotech Penny Stocks That You Need to Know About
These biotech penny stocks pushed up big today; but are they worth it? The post 4 Biotech Penny Stocks That You Need to Know About appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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PRPO Stock: Over 35% Increase Intraday Explanation
The stock price of Precipio Inc (NASDAQ: PRPO) increased by over 35% during intraday trading. This is why it happened.
pulse2.com
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Market Update: The 10 Most Volatile Stocks Today
Joins us as we take a look at the most volatile stocks for Monday as many shares see their prices fluctuate during the day. The post Market Update: The 10 Most Volatile Stocks Today appeared first on InvestorPlace.
investorplace.com
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Precipio Launches New HemeScreen Panel for AML, with an unparalleled 4-hour turnaround-time
Physician Office Laboratory (POL) Customers will be able to immediately integrate this important test into their current operations Physician Office Laboratory (POL) Customers will be able to immediately integrate this important test into their current operations
globenewswire.com
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7 Reddit Penny Stocks With Interesting Plans
So, which Reddit penny stocks with ambitious plans could pay off down the road? Consider these seven high-risk, high-potential plays as ones where risk/return leans in your favor: The post 7 Reddit Penny Stocks With Interesting Plans appeared first on InvestorPlace.
investorplace.com
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5 Reddit Penny Stocks Seeing the Most Chatter Thursday
It's time to take another look at penny stocks that are popular on Reddit as we dive into those getting the most attention on Thursday. The post 5 Reddit Penny Stocks Seeing the Most Chatter Thursday appeared first on InvestorPlace.
investorplace.com
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Top Penny Stocks For Your Thursday Morning Watchlist
Will these 3 penny stocks be on your Thursday morning watchlist? The post Top Penny Stocks For Your Thursday Morning Watchlist appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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Precipio extends 2-day gain to 404% following launch of the company's COVID-19 test on Amazon
Precipio stock rocketed higher for a second session on Tuesday, with a fivefold surge in the price ignited after the specialty diagnostics company launched its COVID-19 antibody test on Amazon. The company said it holds the exclusive rights to distribute the 20-minute test on Amazon's platform. Precipio said the test, which covers two types of antibodies, was visible for sale on the retailing giant's website and app.
businessinsider.com
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5 Reddit Penny Stocks Seeing the Most Chatter Tuesday
We're diving back into the world of penny stocks again today as we look at those that are getting the most discussion over on Reddit. The post 5 Reddit Penny Stocks Seeing the Most Chatter Tuesday appeared first on InvestorPlace.
investorplace.com
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4 Hot Penny Stocks To Watch In May 2021
Looking for penny stocks to watch in May? Look no further The post 4 Hot Penny Stocks To Watch In May 2021 appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
pennystocks.com
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PRPO Stock: From $4.95 To $6.97 (37.17% Increase) After Hours Explanation
The stock price of Precipio Inc (NASDAQ: PRPO) increased by 37.17% during after-hours trading as it went from $4.95 to $6.79. This is why it happened.
pulse2.com
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Precipio Surges 140%, Breaks Out Of A Falling Wedge Pattern
Precipio Inc. (NASDAQ: PRPO) shares surged 140%Â Monday after the company successfully launched its COVID-19 rapid antibody test that tests for both IgG & IgM antibodies. Testing for antibodies will let people know if they have previously been exposed to the virus or have been vaccinated.
benzinga.com
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PRPO Stock: 12 Things to Know about the Precipio Rapid COVID-19 Antibody Test Launch on Amazon
Precipio (PRPO) is launching its rapid COVID-19 antibody test for sale on Amazon (AMZN) and its stock is soaring on the news. The post PRPO Stock: 12 Things to Know about the Precipio Rapid COVID-19 Antibody Test Launch on Amazon appeared first on InvestorPlace.
investorplace.com
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PPRO Stock: From $1.82 To $2.50 Intraday Explanation
The stock price of Precipio Inc (NASDAQ: PRPO) increased from a previous close of $1.82 to a day high of $2.50 (up 37.36%) during intraday trading this morning. This is why it happened.
pulse2.com
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Precipio Launches its Rapid COVID-19 Antibody test on Amazon Platform
Nirmidas' test is available to POC healthcare providers with an Amazon business account Nirmidas' test is available to POC healthcare providers with an Amazon business account
globenewswire.com
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Current Signed Customers Expected to Generate $1M Annualized Reported Revenues from Precipio's HemeScreen POL Offering by Q4-2021
Precipio reaffirms forecast that product revenues will reach approximately 50% of pathology revenue by the fourth quarter of 2021 Precipio reaffirms forecast that product revenues will reach approximately 50% of pathology revenue by the fourth quarter of 2021
globenewswire.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q4 2020 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q4 2020 Results - Earnings Call Transcript
seekingalpha.com
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PRPO Increased Over 5% Pre-Market: Why It Happened
The stock price of Precipio, Inc. (NASDAQ: PRPO) increased by over 5% pre-market. This is why it happened.
pulse2.com
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Precipio Announces Q4-2020 and year-end Shareholder Update Call
Conference Call to be held on Wednesday, March 31st, 2021 at 5:00 PM EST Conference Call to be held on Wednesday, March 31st, 2021 at 5:00 PM EST
globenewswire.com
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Mr. Ron Andrews joins Precipio's Board of Directors
Company Strengthens Depth of Expertise in Products Industry Company Strengthens Depth of Expertise in Products Industry
globenewswire.com
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Mr. Richard Sandberg is appointed Chairman of Precipio's Board of Directors
NEW HAVEN, Conn., March 03, 2021 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.  (NASDAQ: PRPO) announces the appointment of Mr. Richard Sandberg as Chairman of the Board of Directors. Dr. Douglas Fisher will step down as Chairman and maintain his role as a Director on the company's board.
globenewswire.com
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Precipio Launches COVID-19 Antibody Testing at Point-of-Care
Following the receipt of FDA EUA by Nirmidas, Precipio begins market roll out to POC Following the receipt of FDA EUA by Nirmidas, Precipio begins market roll out to POC
globenewswire.com
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Precipio Signs HemeScreen™ Deals with Two Leading Oncology Groups
Partnership with ION Solutions expected to accelerate sales Partnership with ION Solutions expected to accelerate sales
globenewswire.com
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Precipio Signs Sales & Marketing Agreement for HemeScreen™ with Major Oncology Distributor
Thousands of Oncology Practices will gain access to HemeScreen POL program Thousands of Oncology Practices will gain access to HemeScreen POL program
globenewswire.com
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Precipio, Inc. (PRPO) CEO Ilan Danieli on Q3 2020 Results - Earnings Call Transcript
Precipio, Inc. (PRPO) CEO Ilan Danieli on Q3 2020 Results - Earnings Call Transcript
seekingalpha.com
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Precipio Announces Q3-2020 Shareholder Update Call
Conference Call to be held on Thursday, November 19th, 2020 at 5:00 PM EST Conference Call to be held on Thursday, November 19th, 2020 at 5:00 PM EST
globenewswire.com
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Precipio Diagnostics and Transgenomic Complete Merger
NEW HAVEN, Conn. & OMAHA, Neb.--(BUSINESS WIRE)--Precipio Diagnostics, LLC and Transgenomic Inc. (OTCQB: TBIOD) today announced the closing of their previously announced merger. In connection with the transaction, Transgenomic has changed its name to Precipio, Inc. Precipio’s common stock is expected to commence trading on The NASDAQ Stock Market under the new ticker symbol “PRPO” upon the opening of trading on June 30, 2017, or soon thereafter. The company will operate under the leadership of Ilan Danieli, Chief Executive Officer; Carl Iberger, Chief Financial Officer; and Steve Miller, Chief Commercial Officer. The Board of Directors of Precipio will initially be comprised of five directors: Robert Patzig will remain as Chairman of the Board, together with Michael Luther, one of Transgenomic’s existing board members. Samuel Riccitelli, Mark Rimer and Ilan Danieli together comprise the remaining members of the board. Precipio’s corporate headquarters is in New Haven, Connecticut. “The union of Precipio and Transgenomic enables us to fulfill our vision of a world-class, innovative company dedicated to eradicating the pervasive problem of disease misdiagnosis,” said Ilan Danieli, CEO of Precipio. “We believe that the combination of Precipio and Transgenomic can transform medical care by leveraging Precipio’s unique diagnostic platform with Transgenomic’s enabling technology for DNA liquid biopsies to deliver better and more accurate diagnostic information to physicians and their patients worldwide.” Terms of the merger include the initial closing on a $1.2 million private placement of preferred and convertible securities, out of a total authorized amount of up to $7 million in preferred equity. Simultaneous with the merger, holders of more than $14 million in secured debt have converted into equity, providing the combined company with a stronger balance sheet. “Completion of our merger marks an exciting new chapter in the history of our companies. Precipio and Transgenomic’s teams have already accomplished a great deal in our shared drive to ensure that the new Precipio is primed for growth. We look forward to sharing more details on our plans and milestones in the coming weeks,” Mr. Danieli concluded. Over the course of the past few months, in anticipation of the contemplated merger, both companies have undertaken a rigorous cost-cutting project to reduce the combined companies’ historical burn rate. Post-merger, management anticipates the new organization will be a leaner, more capital-efficient organization. These efficiencies are expected to reduce the combined entity’s operating expenses by approximately $1 million or more per quarter, an anticipated annualized reduction of expenses of about $4-$5 million compared to 2016. The majority of the cost reductions will be achieved immediately post-closing and are related to reductions in administrative headcount and the consolidation of lab operations and facilities, with a focus on eliminating redundancies and realizing efficiencies. Transgenomic’s Omaha CLIA-certified laboratory operations will move to Precipio’s New Haven location, thereby reducing the substantial costs associated with operating two fully-certified CLIA laboratories, including but not limited to reductions in staff, equipment and the total amount of leased space. In addition, Transgenomic recently completed a move from its existing 30,000 square foot facility in Omaha to a nearby smaller 5,000 square foot facility, reducing facility costs by more than 75%. The new location is well-suited to serve as the company’s R&D center. To accelerate commercial activities Precipio recently added a number of new salespeople to its sales team, and anticipates adding more by year end. The combined sales team has been cross-trained on both Precipio’s pathology services and Transgenomic’s ICE COLD-PCR (ICP) technology to enable immediate cross-selling opportunities. The company also intends to invest in further development of its ICP technology to define specific clinical applications, as well as simplifying the adaptability and implementation of ICP technology for its customers. Paul Kinnon, President and CEO of Transgenomic, said, “We believe that this merger with Precipio is an excellent strategic fit for Transgenomic that provides the opportunity to realize the clinical and commercial potential of our ICE COLD-PCR technology for DNA liquid biopsies, within the merged company’s broad focus on precision medicine. We are pleased to move forward as a combined entity to bring transformative solutions in medical diagnostics to physician and patients alike.” 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. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, visit precipiodx.com. Forward-Looking Statements Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management's current views and estimates of company performance and financial results, including the ability of the Company to reduce expenses and cash burn, its ability to accelerate the Company’s growth and generate revenue, and its ability to reduce the problem of disease misdiagnosis. The known risks, uncertainties and other factors affecting these forward-looking statements are described in Transgenomic’s definitive proxy statement filed on May 12, 2017, Transgenomic’s prior filings and from time to time in Precipio’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 Precipio does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
businesswire.com
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