Precision Therapeutics Subsidiary, TumorGenesis, Announces License Agreement with CellBridge Incorporated
March 21 2018 - 8:30AM
Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the
Company”), formerly Skyline Medical, announced today that its
wholly owned subsidiary, TumorGenesis Inc., has secured a license
agreement with CellBridge Incorporated (“CellBridge”) which grants
it access to CellBridge’s 3D biomimetic support technology. This
follows the Company’s recently announced license agreements with
SyntArray, LLC and 48Hour Discovery and is the latest milestone in
the Company’s strategy to bring together ground-breaking
technologies to develop the next generation of patient derived
(“PDx”) tumor models for precision cancer therapy and drug
development.
TumorGenesis is developing a new approach to growing tumor
models in the laboratory that is faster, less costly and more
closely mimics the characteristics of the patient’s tumor, than the
traditional PDx animal models that are currently on the market.
TumorGenesis’ innovative approach is comprised of three key steps:
first, the tumor cells from the patient tumor biopsy are tagged
using peptides targeted to the patient’s specific cancer cells;
second, the tags adhere the cells to a 3D biomimetic support in the
well of a standard 96 well microplate; and third, the tumor cells
are grown in the 3D culture system until ready for testing.
CellBridge’s technology is used in the third step of this
process. After the patient’s tumor cells have been screened, and
the tumor has been disaggregated into all its component parts; the
cancer cells are attached to CellBridge’s 3D biomimetic support
technology using the targeted peptides, so as to reassemble the
tumor. The 3D biomimetic support acts as a ‘scaffold’ on which the
tumor is regrown, outside the patient’s body.
Dr. Carl Schwartz, Chief Executive Officer of Precision
Therapeutics, commented, “Our mission is to optimize clinical trial
outcomes and advance the development of personalized therapies by
using the most advanced Artificial Intelligence technology on the
market. To advance this strategy, we are focused on bringing
together complementary cutting-edge technologies to develop next
generation PDx tumor models. The CellBridge ‘scaffold’, or 3D
biomimetic support, allows us to regrow patient tumors in an
external environment that closely mimics the patient’s body. The
CellBridge agreement, together with our previously announced
agreements with SyntArray, LLC and 48Hour Discovery, provides the
technology needed to launch the TumorGenesis approach. We plan to
use data generated from the tumor testing to continue the build out
of the Helomic’s D-CHIP Artificial Intelligence (AI) database of
tumor profiles and to generate revenues by offering clinical trial
CRO services, in conjunction with Helomics, to pharmaceutical
companies.”
Testing of patient tumors using the TumorGenesis approach is
expected to:a) Provide a personalized therapy protocol for a
patient,b) Provide high-quality data on cancer tumors for a
platform based on the D-CHIP Artificial Intelligence (AI) platform
of Helomics Corporation, pursuant to Precision Therapeutics’
partnership with Helomics, and c) Drive partnerships with Pharma
companies for the development of new therapies, generating revenues
for Precision Therapeutics.
The TumorGenesis PDx model will initially be developed for three
orphan cancers, Multiple Myeloma, Triple-Negative Breast cancer
(TNBC) and Ovarian cancers, all of which are areas that have a high
unmet need for new and effective treatments that are tailored to
patients’ unique tumor profiles. Testing of the TumorGenesis PDx
tumors will take place in collaboration with Helomics in their CLIA
facility.
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 has also announced the formation of a subsidiary,
TumorGenesis to pursue a new rapid approach to growing tumors in
the laboratory, which essentially “fools” the cancer cells into
thinking they are still growing inside the patient. 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 our partnerships with other companies, including the
need to negotiate further 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. 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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