Precision Therapeutics Named on Inc. 500|5000 2011 List and Recognized for Achievements in Personalized Medicine Industry

PITTSBURGH, Aug. 23, 2011 /PRNewswire/ -- Inc. Magazine has ranked Precision Therapeutics 293rd on its prestigious list of the 500 fastest growing privately owned companies in the U.S. with a three year annual compound growth rate of 79 percent. This award recognizes the significant accomplishments of the fastest-growing privately held entrepreneurial companies in America, whose performances have established them among the best in their industries.  Precision was recognized as one of the top 31 companies in the healthcare industry.

There are nearly 7 million private, employee-based firms in America, and only the very best are awarded the distinction of being named to the Inc 500|5000, the gold standard of entrepreneurial success according to Inc.com. Precision Therapeutics and the other Inc. 500 Honorees are responsible for collectively generating more than 36,000 jobs over the past three years, making the list perhaps the best example of the impact private, fast-growing companies can have on the economy.  

"We are very excited to be ranked as one of the top 30 companies in the health category of the Inc. 500," said Sean McDonald, CEO of Precision. "The work we do to support physicians and patients in the treatment of cancer is important and rewarding. This list reflects not only the success of Precision Therapeutics employees but the commitment Pittsburgh has made to supporting healthcare and the life-science industry."

The 2011 Inc. 500|5000 will be available online at Inc.com on August 24, 2011, and the magazine's September issue will hit the newsstands around that time. For more information, please visit www.inc.com/5000.

Precision Therapeutics commitment to cancer care was further recognized by several other regional and national organizations for significant achievements in the life-science industry. Precision has recently been recognized by The Pittsburgh Business Times as one of the Top 100 fastest-growing companies in the region, and received the 2011 Smart Business Pacesetter Award, which commemorates the business leaders in the Greater Pittsburgh area who are setting the pace for the region with revenue growth and overall success.  Precision has further been honored with the Pittsburgh Technology Council Tech 50 Award for continued innovation in personalized medicine.

"Being recognized by these prestigious institutions for our regional growth, innovation and influence on the people who live in this region is such an honor for me and my team as we work toward our goal of optimizing each patient's quality of life and chance for survival by designing superior technology that offers hope for greater control of cancer," said McDonald.

About Precision Therapeutics

Precision Therapeutics, a leading life-science company based in Pittsburgh, Pennsylvania, is dedicated to personalized cancer care. Precision offers a portfolio of products developed to help guide physicians and patients with difficult clinical decisions throughout the cancer care continuum.

Precision's state of the art Comprehensive Tumor Profiling is an integrated straightforward approach combining three core platforms of personalized medicine to capture the total sum of genomic, proteomic and functional information for each patient's cancer through a portfolio of multi-platform tests for cancer treatment in multiple tumor types.

Precision's first commercial test, ChemoFx®, is a proprietary drug response marker which measures an individual's malignant tumor response to a range of standard therapeutic alternatives under consideration by a physician. Precision currently receives ChemoFx® specimens from 271 top medical institutions including 20 of the 21 National Comprehensive Cancer Network (NCCN) Member Institutions, and 8 of the US News and World Report Top 10 Hospitals for Cancer Care. To date, ChemoFx® Patient Reports have been provided for over 60,000 patient specimens, using 105 unique chemotherapy treatments and combinations.

For more information, visit www.precisiontherapeutics.com or www.chemofx.com

SOURCE Precision Therapeutics