NEW HAVEN, Conn. & OMAHA, Neb.--(BUSINESS WIRE)--Precipio Diagnostics and Transgenomic, Inc. (OTCQB: TBIOD) today announced the formation of a new Scientific Advisory Board (SAB) in anticipation of their previously disclosed merger. The new SAB, which will become effective on the closing of the merger, is being established to provide scientific and technical guidance and expertise to the combined company’s management and board of directors in support of current and future business initiatives. SAB members include Dr. Jeffrey Sklar of the Yale University School of Medicine, Dr. Mike Makrigiorgos of Harvard Medical School and the Dana-Farber Cancer Institute, and Dr. Gil Mor of the Yale University School of Medicine.
SAB Chair Jeffrey Sklar, MD, PhD, is a Professor of Pathology and Laboratory Medicine and Director of the Molecular Diagnostics Research Program at the Yale School of Medicine. He is a pioneer in the field of molecular diagnostics and is responsible for many innovations and discoveries related to cancer diagnostics. Dr. Sklar has also served as a scientific advisor and director at a number of biotechnology companies. He received his MD and PhD degrees from Yale and completed a residency in pathology and a post-doctoral fellowship at Stanford University, where he also served as an Associate Professor. Previously, Dr. Sklar was a Professor of Pathology at Harvard Medical School.
“The Precipio model provides significant value to all constituents, by facilitating the interaction between academic institutions, physicians and their patients, to deliver much needed quality diagnostics,” said Dr. Sklar. “Academia has a tremendous wealth of knowledge and expertise and is also in the forefront of developing advanced technologies, particularly in the area of molecular diagnostics. Precipio has demonstrated successfully its ability to capitalize on those strengths and deliver them to the market in an efficient manner. I look forward to working with the management team and the board to help advance the company’s mission.”
Mike Makrigiorgos, PhD, is Professor at Harvard Medical School and the Dana-Farber Cancer Institute. Among his many discoveries, Dr. Makrigiorgos is the inventor of the ICE COLD-PCR (ICP) technology licensed exclusively to Transgenomic. ICP is an ultra-high sensitivity DNA amplification technology that enables accurate detection of genetic mutations from either tissue or non-invasive patient samples such as blood or urine. Dr. Makrigiorgos will advise on scientific and technical issues to enhance the company’s strategy for the further adoption of ICP in the liquid biopsy market, as well as its use in medical applications beyond cancer. Dr. Makrigiorgos holds a PhD in medical physics from the University of Leeds in the UK and completed post-doctoral training at Harvard Medical School.
“I am happy to join Precipio’s Scientific Advisory Board and help the company further develop ICE-COLD PCR, a technology we originally developed at Dana-Farber,” said Dr. Makrigiorgos. “I believe Precipio will be able to play a significant role in the liquid biopsy field by offering tests that balance the clinically meaningful information obtained with the cost and effort involved.”
Gil Mor, MD, PhD, is Professor of Obstetrics, Gynecology and Reproductive Sciences and Director of the Division of Reproductive Sciences at the Yale School of Medicine. He also serves as Director of the Reproductive Immunology Unit and the Discovery to Cure translational research program. Dr. Mor will be assisting the company in exploring the application of ICP and other diagnostic technologies in conditions outside the cancer field. Professor Mor earned MS and MD degrees from the Hebrew University and a PhD from the Weizmann Institute of Science in Israel.
“I believe ICP may have broad applications beyond the important role it plays in the liquid biopsy cancer market, and I am excited to help the company explore some of those applications,” said Professor Mor. “The company’s platform provides a tremendous and unique opportunity to leverage scientific expertise within academia and to commercialize it in a meaningful way.”
Ilan Danieli, CEO of Precipio Diagnostics, said, “The key to a company’s success lies not only in its vision and products but also with the team that will execute on the vision. The new members of our Scientific Advisory Board add deep and diverse scientific expertise to complement the skills of our management team and our incoming board of directors. With their help we will be refining our strategy for existing markets, as well as evaluating new markets to grow our business. I am delighted to have these prominent scientific experts as part of our team.”
Earlier this week, Transgenomic reported that the European Patent Office (EPO) has indicated its intention to grant patent protection in Europe for the Multiplexed ICE COLD-PCR technology exclusively licensed to the Transgenomic.
Paul Kinnon, President and CEO of Transgenomic, commented, “The new SAB members from Yale and Harvard bring outstanding scientific knowledge and insight to the combined company. The recent news that the EPO has indicated its intention to grant a patent covering Multiplexed ICE COLD-PCR in Europe reinforces our belief that ICP has the potential to be both a commercial success and a transformative genomics technology for cancer and other conditions, as the utility of liquid biopsies drives wide use and precision medicine increasingly becomes the norm. It is tremendous to have Mike Makrigiorgos, the father of ICP, on board, along with the deep expertise and varied perspectives of Dr. Sklar and Dr. Mor, both highly respected researchers and practitioners with a wealth of relevant experience.”
Separately, Transgenomic reported that the previously-approved reverse split of its stock has been implemented and that its shares are trading under the temporary symbol TBIOD.
Transgenomic, Inc. is a global biotechnology company advancing personalized medicine in oncology and inherited diseases through advanced diagnostic technologies, such as its revolutionary ICE COLD-PCR, which enables use of liquid biopsies for mutation detection. The company also provides specialized clinical and research services to biopharmaceutical companies developing targeted therapies. Transgenomic’s diagnostic technologies are designed to improve medical diagnoses and patient outcomes.
About Precipio Diagnostics
Precipio Diagnostics has built a platform to harness the intellect, expertise and technology developed within academia, delivering quality diagnostic information to physicians and patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, and its experience delivering quality service, Precipio Diagnostics offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, visit precipiodx.com.
Certain statements in this press release constitute “forward-looking statements,” 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 future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets, expectations regarding new clients, projects and prospects, and ICP’s ability to accelerate the Company’s growth and generate revenue. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic's 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 Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.