Precision Therapeutics, Formerly Skyline Medical, Announces Stock Ticker Symbol Change to AIPT
February 02 2018 - 8:30AM
Precision Therapeutics Inc, formerly Skyline Medical Inc,
(NASDAQ:SKLN) (NASDAQ:AIPT) (“Precision Therapeutics” or the
“Company”), is pleased to announce that its NASDAQ Capital Market
ticker symbol will change from 'SKLN' to ‘AIPT' effective February
2, 2018. The new symbol has been chosen to align the Company’s
symbol with its new name, Precision Therapeutics, which better
reflects the Company’s new strategic focus on applying artificial
intelligence to precision medicine and drug discovery.
“Precision Medicine is a fast-growing field of healthcare that
considers a patient’s genes, lifestyle, and environment in the
development of effective therapies to treat disease,” Dr. Carl
Schwartz commented. “It has a wide range of potential applications,
including for the treatment of cancer, and has been hailed as
ushering in a new generation of treatments and diagnostics. We are
excited to participate in the growth of this market which,
according to research from Global Market Insights, is
estimated to grow at 10.5% CAGR to reach $96 billion by
2024. Changing our name, and now our ticker symbol, emphasizes our
market positioning as an invaluable support service to this
revolutionary area of the healthcare market.”
Precision Therapeutics’ mission is to improve the effectiveness
of cancer therapy using the power of artificial intelligence (AI)
applied to rich data diseases databases. Through its 20% equity
stake in Helomics®, the Company has access to a diagnostic platform
that generates rich molecular profiles and drug response data from
the patient’s own tumor. Using an AI-based bioinformatics platform
(D-CHIP™), the data is analyzed and provides a precision oncology
roadmap for the patient and their oncologist. Precision
Therapeutics will participate in earnings generated from
pharmaceutical companies that use the Helomics platform when
developing new therapies e.g. Next Generation Sequencing (NGS). The
D-CHIP platform continually learns the association between the DNA
alterations and the drug response of the patient’s tumor,
generating actionable knowledge that is of great value to Pharma
companies as they develop new therapies. Access to this knowledge
and any lab services is offered through its Contract Research (CRO)
business.
Dr. Schwartz continued, “We believe our offering is rapidly
becoming seen as vital to the development of better and more
personalized treatments and diagnostic technologies. We plan to
build on the foundation provided by Helomics to drive both
diagnostic and CRO revenues. Our growth strategy includes securing
new partnerships and considering acquisitions in the precision
medicine space, such as additional molecular tests for cancer and
other diseases, companion diagnostics, microbiome assessment and
other technologies, to add data to the D-Chip platform and drive
new clients in the pharmaceutical, diagnostic, and biotech
sectors.”
About Precision Therapeutics Inc.
Precision Therapeutics (NASDAQ:AIPT) operates in two business
areas: first, development of a healthcare CRO that provides
personalized medicine solutions for clients in the pharmaceutical,
diagnostic, and biotech industries, and second, production of the
FDA-approved STREAMWAY® System for automated, direct-to-drain
medical fluid disposal.
Precision Therapeutics’ CRO services business is committed to
improve the effectiveness of cancer therapy using the power of
artificial intelligence (AI) applied to rich data diseases
databases. This business has launched with Precision Therapeutics’
investment in Helomics Corporation, 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 20%
owned by Precision Therapeutics. 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.
Precision Therapeutics and Helomics have also announced a proposed
joint venture with GLG Pharma focused on using their combined
technologies to bring personalized medicines and testing to ovarian
and breast cancer patients, especially those who present with
ascites fluid (over one-third of patients). The growth strategy in
this business includes securing new partnerships and considering
acquisitions in the precision medicine space.
Sold through the Skyline Medical business of Precision
Therapeutics, The STREAMWAY System 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; 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; 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: Investor Relations KCSA
Strategic CommunicationsElizabeth Barker (212) 896-1203
ebarker@kcsa.com
MONEYINFO, LLC Charles Moskowitz 781-823-8882
cam@moneyinfo-llc.com
Precision Therapeutics Inc. (NASDAQ:AIPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Precision Therapeutics Inc. (NASDAQ:AIPT)
Historical Stock Chart
From Apr 2023 to Apr 2024