Skyline Medical and Helomics Corporation Sign Joint Venture Term Sheet to Build-out and Commercialize the D-CHIP™ platform
November 15 2017 - 8:30AM
Skyline Medical Inc. (NASDAQ:SKLN) (“Skyline” or the “Company”),
producer of the FDA-approved STREAMWAY® System for automated,
direct-to-drain medical fluid disposal, today announced it has
signed a term sheet with Helomics Corporation, a precision
diagnostic company and integrated clinical contract research
organization, to leverage the Helomics D-CHIP™ platform to
develop and market new approaches for personalized cancer diagnosis
and care.
The joint venture follows a strategic collaboration between
Helomics and Skyline announced on November 1, 2017 and represents a
deeper partnership between the two companies that is expected to
provide Skyline with opportunities to generate revenues from
additional markets. Skyline Medical will own 51% of the joint
venture, with Helomics owning the remaining 49%. The day to day
operations of the Joint Venture will be managed by Helomics subject
to the direction and oversight of the Joint Venture’s Board of
Directors.
Dr. Carl Schwartz, Chief Executive Officer of Skyline Medical,
commented, “Helomics’ D-CHIP™ platform uses Big Data, AI and
bioinformatics to provide actionable insights on cancer in the area
of precision medicine. The D-CHIP platform generates revenues from
subscriptions from Pharma, BioPharma and Diagnostic Companies, as
well as service revenues from additional “molecular informatics”
solutions that further analyze the data in D-CHIP™. Forming a joint
venture will allow us to further build out the database of patient
data and ramp up commercial activities.”
Mr. Gerald Vardzel, President & CEO of Helomics, commented,
“The D-CHIP™ platform provides our clients with a secure,
regulatory compliant, cloud-based analytical platform, granting
them access to the rich de-identified patient data collected from
the HELOMICS diagnostic/precision oncology business, together with
data from other partners. This area of medicine is experiencing
rapid growth, as the benefits of personalized medicine tailored to
an individual patient’s molecular data are becoming more apparent,
and investment in the space is rising. We look forward to forming
the joint venture to participate in the growth of this
revolutionary area of medicine.”
The Joint Venture is subject to terms and conditions, including
further due diligence and financing of the new entity.
About Skyline Medical
Skyline Medical produces a fully automated, patented,
FDA-cleared waste fluid disposal system that virtually eliminates
staff exposure to blood, irrigation fluid and other potentially
infectious fluids found in the healthcare environment. Antiquated
manual fluid handling methods that require hand carrying and
emptying filled fluid canisters present an exposure risk and
potential liability. Skyline Medical's STREAMWAY System fully
automates the collection, measurement and disposal of waste fluids
and is designed to: 1) reduce overhead costs to hospitals and
surgical centers; 2) improve compliance with OSHA and other
regulatory agency safety guidelines; 3) improve efficiency in the
operating room, and radiology and endoscopy departments, thereby
leading to greater profitability; and 4) provide greater
environmental stewardship by helping to eliminate the approximately
50 million potentially disease-infected canisters that go into
landfills each year in the U.S. For additional information,
please visit www.skylinemedical.com.
About Helomics Corporation
Helomics® is a precision diagnostic company and integrated
clinical contract research organization whose mission is to improve
patient care by partnering with pharmaceutical, diagnostic, and
academic organizations to bring innovative clinical products and
technologies to the marketplace. In addition to its
proprietary precision diagnostics for oncology, Helomics offers
boutique CRO services that leverage our patient-derived tumor
models, coupled to a wide range of multi-omics assays (genomics,
proteomics and biochemical), and a proprietary bioinformatics
platform (D-CHIP) to provide a tailored solution to our client’s
specific needs.
Helomics® is headquartered in Pittsburgh, Pennsylvania where the
company maintains state-of-the-art, CLIA-certified, clinical and
research laboratories.
For more information, please visit: www.Helomics.com.
Forward-looking Statements
Certain of the matters discussed in this announcement 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 risks
related to the proposed joint ventures with Helomics and
CytoBioscience, including the need to negotiate the definitive
agreements for the joint ventures; possible failure to realize
anticipated benefits of the joint ventures; and costs of providing
funding to the joint ventures. Other risks and uncertainties
relating to the Company 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; 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; the Company's ability to implement
its long range business plan for various applications of its
technology; the Company'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 the Company'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
Securities and Exchange Commission, 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 the Company's
financial position. See the Company's most recent Annual Report on
Form 10-K, and subsequent reports and other filings at
www.sec.gov.
Contacts:
Skyline MedicalCarl Schwartz, Chief Executive
Officer(651) 389-4800cschwartz@skylinemedical.com
Investors KCSA Strategic CommunicationsElizabeth Barker (212)
896-1203 skln@kcsa.com
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