On Aug. 4, 2020, Precipio announced it had completed the internal validation of the U.S. Food and Drug Administration (FDA)-authorized COVID-19 serology antibody test in its CLIA laboratory, and had launched the test commercially to its pathology customer base (phase 1). Upon obtaining further approval for expanded use by FDA, phase 2 planned broaden their distribution to POC (point-of-care) healthcare facilities including hospitals, medical centers, urgent care facilities and physician practices.

Physicians will be able to conduct a simple blood draw from each patient who wishes to be tested. The samples will be shipped overnight to Precipio’s laboratory in New Haven, where they will be received the next day, tested, and results shall be returned to the physician the same day, offering a 24-hour turnaround (subject to volume and capacity capabilities). Reimbursement is approximately $45 per test. Precipio is currently able to process 1,000 tests per day, increasing testing capacity to 10,000 tests per day by the end of Q3-20 as demand grows.

While this ramp up has required a modest capital investment, management believes that the company is adequately financed, and has the appropriate access to capital for the company’s current operating cash needs, through its existing equity line. At this time, Management has not, and does not anticipate conducting a public offering in the foreseeable future.