Skyline Medical Completes Purchase of Preferred Stock in Helomics Corporation
January 16 2018 - 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
completed the purchase of preferred stock convertible into 20% of
the outstanding common stock of Helomics Corporation, in exchange
for total consideration of 1.1 million shares of newly issued
Skyline Medical common stock.
In addition, Skyline has the right to convert a previous
$500,000 loan to Helomics into a further 5% equity stake, which
would bring its total ownership to 25%.
Headquartered in Pittsburgh, Pennsylvania, Helomics has
established operations that bridge two emerging areas of the
healthcare industry: precision medicine and big data. Helomics’
competitive advantage lies in its proprietary D-CHIP™ database,
which contains de-identified data compiled from more than a decade
of clinical testing of tumor responses to drugs coupled to an
Artificial Intelligence (AI) -powered bioinformatics engine which
generates actionable scientific insights from this rich data. These
insights are used by BioPharma companies in the research and
development of targeted cancer treatments for any given patient
profile. Skyline has an agreement in principle with Helomics to
form a Skyline-Helomics joint venture.
“We are pleased to move forward with our investment in
Helomics,” stated Dr. Carl Schwartz, CEO of Skyline Medical.
“Precision medicine is emerging as a credible research area that
could greatly improve the current state of cancer diagnosis and
stimulate the development of oncological therapies. Helomics’
D-CHIP™ database supports pharmaceutical companies in the
development of novel therapies that have the potential to expand
the range of cancer treatment options on the market today by
providing actionable insights which can be used to improve the
clinical outcomes for patients. We believe this investment in
Helomics presents an exciting opportunity for Skyline to
participate in the growth of the precision medicine industry and
look forward to working closely with the company to expand their
business.”
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.
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.
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, 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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