Precision Therapeutics’ Subsidiary Helomics and National Alopecia Areata Foundation Sign Services Agreement to Provide Next...
April 18 2019 - 8:45AM
Precision Therapeutics Inc. (NASDAQ: AIPT) (“Precision” or “the
Company”) today announced a services agreement between its wholly
owned subsidiary, Helomics and the National Alopecia Areata
Foundation (NAAF), which serves the community of people affected by
an autoimmune skin disease called alopecia areata that results
in hair loss and emotional pain, to provide a next generation
patient registry to drive research into new treatments for people
with this disease.
“This agreement will provide NAAF with the ability to store,
process and analyze specimens under one roof and in a CLIA
regulated setting,” said Gerald Vardzel, president of Helomics.
“This approach is a one-stop-shop for all aspects of the specimen
lifecycle that will save costs, improve specimen quality, and make
available the latest NGS testing to researchers looking into the
underlying molecular mechanisms of alopecia areata, while
leveraging our D-CHIP platform toward these rich data.”
Helomics will leverage its CRO and Biorepository services
offering to provide state of the art storage, processing and
analysis of samples from patients with alopecia areata who newly
enroll with the NAAF registry, as well as storing samples from the
existing registry. The registry was originally established in 2000
by a collaborative group of five experienced hair disease
investigators and supported for 12 years by the National Institute
of Arthritis and Musculoskeletal and Skin Diseases (NIAMS) under
Award Number HHSN268200682279C. Registry samples and analytical
services such as Next Generation Sequencing (NGS) will be made
available to NAAF-sponsored researchers on request. The companies
will also explore the application of the Helomics D-CHIP Artificial
intelligence (AI) platform to data generated as part of the
registry. Terms and financial conditions of the agreement were not
disclosed.
Dory Kranz, president and CEO of NAAF added, “Achieving better
outcomes for people with alopecia areata is a key part of the
mission of NAAF and working with Helomics to provide this registry
to our researchers is a key step. We are hopeful that in the
future, applying Helomics’ AI and machine learning capabilities to
the valuable data and samples we collect, will lead to a better
understanding and improved treatments for alopecia areata, and
other autoimmune diseases. All parties are excited about building
on this valuable resource.”
“Agreements such as this one with NAAF further validate the
Helomics boutique CRO services business and our D-CHIP AI-driven
platform. We are enthusiastic about the opportunity to serve the
alopecia areata community and look forward to a long term and
impactful partnership,” concluded Dr. Carl Schwartz, president and
CEO of Precision Therapeutics.
About Precision Therapeutics Precision
Therapeutics (NASDAQ: AIPT), operates through its three wholly
owned subsidiaries, Helomics, TumorGenesis and Skyline Medical.
Helomics 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. Helomics’ CLIA-certified lab
provides clinical testing that assists oncologists in
individualizing patient treatment decisions, by providing an
evidence-based roadmap for therapy. In addition to its proprietary
precision oncology platform, Helomics offers boutique CRO services
that leverage its TruTumor™, patient-derived tumor models coupled
to a wide range of multi-omics assays (genomics, proteomics and
biochemical), and an AI-powered proprietary bioinformatics platform
(D-CHIP) to provide a tailored solution to its clients’ specific
needs. Precision’s TumorGenesis subsidiary is developing a new
rapid approach to growing tumors in the laboratory, which
essentially “fools” cancer cells into thinking they are still
growing inside a patient. Its proprietary Oncology Discovery
Technology Platform kits will assist researchers and clinicians to
identify which cancer cells bind to specific biomarkers.
TumorGenesis’ Oncology Capture Technology Platforms isolate and
help categorize an individual patient’s heterogeneous tumor samples
to enable the development of patient specific treatment options.
Precision’s Skyline Medical subsidiary markets its patented and FDA
cleared STREAMWAY System which automates the collection,
measurement and disposal of waste fluid, including blood,
irrigation fluid and others, within a medical facility through both
domestic and international divisions. The company has achieved
sales in five of the seven continents through both direct sales and
distributor partners. For more information, please visit
www.precisiontherapeutics.com.
About The National Alopecia Areata Foundation
The National Alopecia Areata Foundation (NAAF) serves the community
of people affected by an autoimmune skin disease called
alopecia areata that results in hair loss and emotional
pain. NAAF supports research to find a cure or acceptable
treatment for alopecia areata, supports those with the disease, and
educates the public about alopecia areata. NAAF is a 501(c)(3)
nonprofit organization founded in 1981 and headquartered in San
Rafael, CA.
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.
Contacts: Media Contact: Jules Abraham CORE IR
917-885-7378 julesa@coreir.com
Investor Relations Contact: Bret Shapiro,
Managing Partner CORE IR (516) 222-2560 brets@coreir.com
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