Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the
Company”), formerly Skyline Medical, announced today that it has
appointed Kevin Hungerford as Global Vice President of Sales and
Marketing, effective immediately. Based in the United States, Mr.
Hungerford will be responsible for overseeing all sales and
marketing activities for the Company’s FDA-approved STREAMWAY®
System for automated, direct-to-drain medical fluid disposal to
hospitals and medical centers. He will report to Dr. Carl Schwartz,
Chief Executive Officer, and replaces Mr. Peter Alex, who is
stepping down to pursue other opportunities.
This new appointment follows the launch of the Company’s
aggressive new U.S. sales and marketing campaign for the STREAMWAY
system, which resulted in a meaningful ramp in domestic sales in
the fourth quarter of 2017 and early 2018. The Company has also
made initial investments in its international sales and marketing
strategy by signing independent distribution agreements in
Australia, Canada and Switzerland, as announced in November 2017,
opening a European Headquarters in Brussels, Belgium, and
appointing a Vice President of International Sales, Mr. Jean-Paul
Rasschaert.
Mr. Hungerford is a senior executive with over 20 years of sales
and marketing experience in the U.S. medical device market. He
joins Precision Therapeutics from Sirtex Medical, a global medical
device company, where he worked from 2012 – 2018 in a variety of
positions of increasing seniority, most recently as the Director of
Marketing where he was responsible for overseeing all
Interventional Radiology (IR) marketing activities and professional
education. He previously worked at Boston Scientific Endoscopy from
1997 – 2012 where he led several sales teams who were directed to
drive market-share, new technology and market adoption of key
technologies.
Dr. Carl Schwartz, Chief Executive Officer at Precision
Therapeutics, commented, “Kevin has extensive sales experience in
the medical device market, most recently in the Interventional
Radiology space, which is one of the STREAMWAY’s core markets. His
background at reputable, global companies, such as Sirtex Medical
and Boston Scientific Endoscopy, and vast network of healthcare
contacts, are expected to boost our reputation as a best-in-class
provider of fluid management systems and allow us to broaden our
market reach. Kevin will oversee our aggressive new sales and
marketing strategy, launched in 2017, which includes several
international distribution agreements and the opening of our new
European Headquarters in Belgium. I would like to thank Peter Alex
for his commitment and contributions to the Company and the work he
has done to position it for near and long-term sales growth.”
Mr. Kevin Hungerford, Vice President of Sales and Marketing for
Precision Therapeutics’ Skyline Medical division, commented, “The
STREAMWAY is a unique solution for medical waste management that
virtually eliminates staff exposure to potentially infectious
fluids found in the healthcare environment. From my years
interacting with the healthcare community it is evident to me that
it has the potential to revolutionize our approach to health and
safety in the operating room and fulfils an unmet need in the
market. I am pleased to join the Company and look forward to
driving sales and building value for the Company.”
As part of Mr. Hungerford’s compensation package, he will
receive inducement stock options in accordance with NASDAQ listing
rules for 111,112 shares of Precision Therapeutics common stock at
$1.35 per share. The options will vest quarterly in four equal
installments over a 12-month period and have a term of 10 years.
The options are subject to the terms and conditions detailed in the
Company’s stock incentive plan.
About the STREAMWAY System
Produced by Skyline Medical, a division of Precision
Therapeutics, the revolutionary, FDA-cleared STREAMWAY System is
the first true direct-to-drain fluid disposal system designed
specifically for medical applications, such as radiology,
endoscopy, urology and cystoscopy procedures. It connects directly
to a facility's plumbing system to automate the collection,
measurement and disposal of waste fluids.
The STREAMWAY minimizes human intervention for better safety and
improves compliance with Occupational Safety and Health
Administration (OSHA) and other regulatory agency safety
guidelines. It also provides unlimited capacity for increased
efficiency in the operating room, which leads to greater
profitability. Furthermore, the STREAMWAY eliminates canisters to
reduce overhead costs and provides greater environmental
stewardship by helping to eliminate the approximately 50 million
potentially disease-infected canisters that go into landfills
annually in the U.S. For a demonstration please visit
www.skylinemedical.com or call 855-785-8855.
About Precision Therapeutics Inc.
Precision Therapeutics (NASDAQ:AIPT) operates in two
business areas: first, applying artificial intelligence to
personalized medicine and drug discovery to provide 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 improving 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 25% 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 RelationsKCSA Strategic
CommunicationsElizabeth Barker(212) 896-1203ebarker@kcsa.com
MONEYINFO, LLCCharles
Moskowitz617-827-1296info@moneyinfo-llc.com
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