Precision Therapeutics Announces Corporate Name Change To Predictive Oncology Inc.
June 11 2019 - 8:00AM
Precision Therapeutics Inc. (Nasdaq: AIPT) (“Precision” or “the
Company”), a company focused on applying artificial intelligence to
personalized medicine and drug discovery, announced today that it
has changed its corporate name to Predictive Oncology Inc., which
the Company believes best reflects the company’s mission and
strategic focus. The name change is effective immediately.
In addition to its new corporate name, the Company
expects that its common stock will trade under the new Nasdaq
ticker symbol of POAI, effective on or about Thursday, June 13,
2019. Additional information can be found on the company’s
website at www.predictiveoncology.net.
“We believe that the name Predictive Oncology more
accurately represents the direction our company is headed and our
commitment to applying artificial intelligence to precision
medicine and drug discovery,” commented Dr. Carl Schwartz, CEO of
Predictive Oncology. “As my recent investment in the company
signifies, I, along with our entire team, am deeply committed to
the promise represented by our technology and its capabilities in
actualizing the reality of true personalized medicine. The
implications and potential represented by our proprietary tumor
response data and how it can be best leveraged in drug discovery
are enormous. We are thrilled to advance our mission with a more
precise corporate name, one that drives the essence of our
capabilities and promise.”
About Predictive Oncology
Predictive Oncology (Nasdaq: POAI), formerly known as Precision
Therapeutics Inc., operates through its three wholly owned
subsidiaries, Helomics, TumorGenesis and Skyline Medical. Helomics
applies artificial intelligence to its rich data gathered from
patient tumors to both personalize cancer therapies for patients
and drive the development of new targeted therapies in
collaborations 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. Predictive Oncology’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. Once the biomarkers are identified they can be used in
TumorGenesis’ Oncology Capture Technology Platforms which isolate
and help categorize an individual patient’s heterogeneous tumor
samples to enable the development of patient specific treatment
options. Helomics and TumorGenesis are focused on ovarian cancer.
Predictive Oncology’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.predictiveoncology.net.
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:Investor RelationsCORE IRBret
Shapiro(212) 896-1203 brets@coreir.com
MediaJules AbrahamCORE IR julesa@coreir.com917-885-7378
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