Precipio Signs Distribution Agreement For IV-Cell And HemeScreen In Japan
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. The distributor has already secured its first purchase order from a leading Japanese clinical laboratory, for Precipio's proprietary IV-Cell cytogenetics media. The first shipment is expected to be delivered at the end of Q1-2024.
The Japanese diagnostic market is renowned for its high level of quality and for its intense scrutiny of products. Precipio was approached by a Japanese laboratory with an inquiry about its IV-Cell media, and entered into a testing period to evaluate the product.
The laboratory conducted extensive testing of Precipio's IV-Cell cytogenetics media, including a comprehensive side-by-side analysis comparing it to the current media used in their lab. The study, results of which were shared with Precipio, demonstrated the superior performance of IV-Cell, and ultimately resulted in their decision to adopt the media in their laboratory.
The laboratory then appointed a distributor to handle negotiations with Precipio, resulting in a distribution agreement for its products within the Japanese market. The parties have entered into a multiple year commitment, with the intent of forming a long-term relationship to leverage the distributor's network within Japan to distribute Precipio's current, and future products, and bring diagnostic advancements to a broad range of customers in the Japanese market.
"There is no greater demonstration of the quality and clinical utility of our product, than its acceptance by a premier lab in Japan. I'm extremely proud of our R&D team that has successfully created a product that will be used in such a prestigious international market," said Ilan Danieli, Precipio's CEO, "Furthermore, our entry into the Japanese market underscores the effectiveness of our overseas sales & marketing strategy. I expect that in 2024 we will also see penetration into other markets globally, complementing our domestic growth in the US market."