Precision Therapeutics’ Subsidiary, Helomics® Corporation, and SpeciCare, Inc. to Study Innovative Personalized Medicine...
April 11 2019 - 8:45AM
Precision Therapeutics Inc. (NASDAQ: AIPT) (“Precision” or “the
Company”) today announced that its wholly-owned subsidiary,
Helomics® Corporation (Helomics), which provides personalized
medicine solutions and boutique CRO services for clients in the
pharmaceutical, diagnostic, and
biotechnology industries, and SpeciCare, an innovative
Georgia-based company connecting cancer patients to new treatment
options only available through storing the patient’s live tumor
tissue, have signed an agreement for Helomics to provide CRO
services and its D-CHIP artificial intelligence (AI) platform for a
functional precision medicine study sponsored by SpeciCare.
“SpeciCare is at the forefront of a renewed interest in
functional precision medicine, which has been core to our
personalized oncology approach for many years. We are excited to
work with SpeciCare on their PIONEER initiative study, which
will utilize Helomics’ core functional precision medicine
technology of live tumor drug profiling assays (TruTumor™) and
genomic profiling coupled with our AI-driven bioinformatics
platform, D-CHIP,” commented Gerald J. Vardzel Jr., president of
Helomics. “This collaboration further demonstrates the value of our
CRO services and D-CHIP platform, both to generate revenue, and
advance personalized medicine to improve patient treatment and
outcomes.”
Functional precision medicine goes beyond pure genomics to test
live tumor tissue from the patient with a variety of approaches
that interrogate how the tumor behaves, such as when challenged
with potential therapies. Traditional genomics-only approaches
often do not provide clinically actionable results outside of a
handful of approved genomic biomarkers and associated drugs,
limiting clinicians’ options for individualizing therapy.
Dr Ken Dixon, Founder and CEO of SpeciCare said, “Our
PIONEER initiative study aims to demonstrate the value of
functional precision medicine approaches on living tissue stored
from the patient, to better connect patients to new treatment
options. Partnering with Helomics, who have over a decade of
experience in testing living tumor tissue, aligns well with these
study goals.”
“We continue to enable AI and data-driven precision medicine and
welcome the opportunity to provide CRO services to SpeciCare,” said
Dr. Carl Schwartz, CEO of Precision Therapeutics. “We
envision this PIONEER study will demonstrate the added value of the
functional precision medicine approach for clinicians and
anticipate more such collaborations to help bring true personalized
medicine to patients worldwide.”
About Precision Therapeutics
Inc.
Precision Therapeutics applies artificial
intelligence to rich data gathered from patient tumors to both
personalize cancer therapies for patients and drive the development
of new targeted therapies in partnership with pharmaceutical
companies. Additionally, the company provides automated fluid waste
disposal systems for hospitals and clinics.
For additional information, please visit
www.precisiontherapeutics.com.
About SpeciCare B4CC Inc., doing business as
SpeciCare, is an innovative company connecting cancer patients to
new treatment options only available through storing the patient’s
live tumor tissue. Serving as the missing link connecting routine
clinical care to the most advanced medical treatments and the
research community, SpeciCare’s goal is to arm patients with new
options and innovative solutions that enhance their quality of life
and improve their chances of survival. SpeciCare serves as a
catalyst in the development of the cancer treatment field and
utilization of research for the benefit of the cancer patient. For
more information, please visit specicare.com or call 833-
242-2873.
Forward-Looking Statements
Certain of the matters discussed in the press release contain
forward-looking statements that involve material risks to and
uncertainties in the Company’s business that may cause actual
results to differ materially from those anticipated by the
statements made herein. Such risks and uncertainties include (i)
risks related to the recent merger with Helomics, including the
fact that the combined company will not be able to continue
operating without additional financing; possible failure to realize
anticipated benefits of the merger; costs associated with the
merger may be higher than expected; the merger may result in
disruption of the Company’s and Helomics’ existing businesses,
distraction of management and diversion of resources; and the
market price of the Company’s common stock may decline as a result
of the merger; (ii) risks related to our partnerships with other
companies, including the need to negotiate the definitive
agreements; possible failure to realize anticipated benefits of
these partnerships; and costs of providing funding to our partner
companies, which may never be repaid or provide anticipated
returns; and (iii) other risks and uncertainties relating to the
Company that include, among other things, current negative
operating cash flows and a need for additional funding to finance
our operating plan; the terms of any further financing, which may
be highly dilutive and may include onerous terms; unexpected costs
and operating deficits, and lower than expected sales and revenues;
sales cycles that can be longer than expected, resulting in delays
in projected sales or failure to make such sales; uncertain
willingness and ability of customers to adopt new technologies and
other factors that may affect further market acceptance, if our
product is not accepted by our potential customers, it is unlikely
that we will ever become profitable; adverse economic conditions;
adverse results of any legal proceedings; the volatility of our
operating results and financial condition; inability to attract or
retain qualified senior management personnel, including sales and
marketing personnel; our ability to establish and maintain the
proprietary nature of our technology through the patent process, as
well as our ability to possibly license from others patents and
patent applications necessary to develop products; Precision’s
ability to implement its long range business plan for various
applications of its technology; Precision’s ability to enter into
agreements with any necessary marketing and/or distribution
partners and with any strategic or joint venture partners; the
impact of competition, the obtaining and maintenance of any
necessary regulatory clearances applicable to applications of
Precision’s technology; and management of growth and other risks
and uncertainties that may be detailed from time to time in the
Company’s reports filed with the SEC, which are available for
review at www.sec.gov. This is not a solicitation to buy or
sell securities and does not purport to be an analysis of
Precision’s financial position. See Precision’s most recent Annual
Report on Form 10-K, and subsequent reports and other filings at
www.sec.gov.
Media Contact:Jules AbrahamCORE
IR917-885-7378julesa@coreir.com
Investor Relations Contact:Bret Shapiro,
Managing PartnerCORE IR(516) 222-2560brets@coreir.com
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